Tell us about your deeptech solution. Which media challenge does it tackle and why is this important?
Arkane is a multi-blockchain wallet provider and marketplace service for blockchain-based digital assets.
I know that may sound difficult but let me try to break it down so that it is more tangible. I’m sure you’ve heard about blockchain technology but often wonder why.
Blockchain technology is a new way to keep records of information and transactions. It is simply put ‘a chain of blocks over a period of time’. A ‘block’ is a fixed point in time that has a collection of records. If you move forward in time, there is a new block that keeps a new collection of records for that point in time and it has a reference to the previous ‘block’. Throughout a time period, you then have a chain of blocks and full transparency how the records and transactions change over time. You can thus follow the complete transaction history by scanning a blockchain. This technology is a public digital registry and accounting system.
Arkane helps businesses to easily connect to a blockchain network and build a product or service that uses this record-keeping and accounting technology.
The next question is usually why do business want to use blockchain?
As you’ve already heard, blockchain can be used for so many use cases that it’s difficult to pin it down to one challenge.
We focus on the gaming industry as a prime example.
Gaming is actually a 145Billion dollar market. Billions of players where most transactions are microtransactions. Being able to keep a record of all these transactions isn’t that easy nor cost-effective.
I’m sure many of you have heard about the game FortNite. This is a game that is free to play but despite being free, players spend a vast amount of money buying game items from the company. While FortNite is a success story the truth is that the free2play model is very challenging and according to Gartner 99.9% of the game studios struggle to survive with this model. A big problem is that the in-game / in-app purchases come with a lot of hidden fees. By using blockchain technology game companies can reduce the hidden fees and leverage the new record-keeping technology and be more profitable themselves. It’s also more interesting for the players because when players buy a game item that exist on blockchain technology, they are then the real owners of that game item. It is a proven fact according to the public record.
The next step we do is to help the game studios and players by providing a marketplace where gamers can buy, sell and trade the game items amongst each other.
What is next for Arkane?
While the use-case in gaming is a very tangible one, it isn’t the only industry where blockchain can be useful. Let’s look at a digital licensing of pictures. While you have marketplace services like Shutterstock, Getty Images, Etsy, etc, as a photographer you limit yourself to their rules. With blockchain, a photographer can register their pictures on blockchain and put copies for sale as a digital license for people to buy. The interesting aspect of blockchain technology is that the license applies to the individual item where that item can be re-sold on a secondary marketplace. With every secondary sale, a royalty will always go back to the original producer of the digital item
What advice would you give to a founder trying to venture in the Media sector?
Media is a broad definition. Gaming is part of media but a lot of the times when you talk about media you’re talking about publishing. Try to learn more about the different Niches within the sector so that you can talk the same language.
What would you say to a startup considering applying to MediaMotorEurope?
It’s a no brainer. Apply because they select you based on your merits and do not take equity. I firmly believe in the concept of ‘the network always wins’ and MediaMotorEurope does its job as an accelerator for a startup the Media Sector. Put in the time, put in the effort and build up your network.