We could spend the next few pages telling you about Luxembourg’s digital transformation. Instead, we want to show it to you. Digitalization is here & now, happening all around you thanks to behind-the-scenes innovators. Today, they get the spotlight. Consider this a taste of what our entrepreneurs contribute to the country every day — an exciting buffet of initiatives that could not be more different. Up close, they form a colorful collage of efforts, big & small, but zoom out & you see a picture of national transformation. Each of our team members have chosen a Digital Luxembourg-enabled initiative to introduce & highlight. All five have impacted us, the country &, now, you too. Here are their stories & Luxembourg’s.
(Featured Image: Noemi Bausch, Project & Marketing Manager at Digital Luxembourg / Image Credit © Silicon Luxembourg / Olivier Minaire)
Spectrum: Turning Digital Content Into Digital Assets
Noemi’s pick, Olivier’s story.
Artists began swapping clay for 3D modeling software and paintbrushes for touchpads a while ago, but the industry standard for trading digital creations has yet to catch up.
Up till now, online marketplaces have acted as middlemen to track and monetize the content on their platforms.
Spectrum is different. Not a revamped marketplace or online portfolio, it aims to simplify authentication, rights and revenue distribution by turning digital content into assets – making them instantly trackable, financially valuable and easily monetize-able.
“Publishing content is doable today, but not publishing assets. Assets have elements that give them financial, tradable value, such as an owner. Without an owner or owners, it’s not an asset,” explained Olivier Zephir, Business Advisor, Technoport. “The problem today is that content is not well meta-tagged.”
“We are shifting from saving content to saving assets, changing how people co-create and trade.”
Currently, the team is working to perfect these tags, the crux of the digital-asset tracking dilemma. Unlike an oil painting or sculpture, video games, music videos and most other digital creations have multiple, if not dozens, of contributors. Once that product is online, there is no integrated solution for tracking it and paying contributors their dues. “We are shifting from saving content to saving assets, changing how people co-create and trade,” he added.
Through blockchain and elaborate meta-tagging, Spectrum redesigns revenue sharing. For example, each view a video receives online could automatically compensate every contributor in real time.
For freelancers and creatives, this nuance is a game changer: the difference between a nominal one-time payment for contributing to a project or becoming a stakeholder who claims a cut of the profits. The difference between patchy finances and consistent wealth creation.
“Spectrum proposes a new path that empowers all creatives to take control of their digital destinies.”
With support from Digital Luxembourg, Spectrum is developing its Decentralized Digital Assets Catalogue (DDAC), letting users employ a Single Point of Truth (SPOT) engine to generate digital assets at the early stages of creation. In other words, Spectrum lets them simultaneously create, publish and manage rights and revenue distribution in one place from the get-go.
“Any other cloud storage tool will save your content but not convert it into an asset. With our online cloud saving platform, you can upload and convert it,” Olivier said. “It’s digitally timestamped so that you can record it as an asset in your catalogue, define what rights people have to it and create a smart contract that includes co-creators.”
Despite interest from a range of players, for now, Spectrum has its sights set on two fields: music and digital fabrication (3D printing, 3D modeling, etc.).
Humanity’s desire to create is here to stay, so Spectrum proposes a new path that empowers all creatives to take control of their digital destinies.
Noemi Bausch | Project & Marketing Manager | Digital Luxembourg
“I’ll admit, when Olivier first explained the aim of Technoport’s Spectrum project, it took us a little while to fully grasp the details. However, we immediately sensed its value. The project touches upon an important stage of digital creation: managing digital rights & empowering the digital artist. Digitalization has simplified the distribution of music, making it instantly & widely available. But distribution is of little benefit when digital rights are not upheld. We believe that Luxembourg’s creative scene, & the world’s, would benefit from a simple solution that makes digital rights management easy & gives control back to the digital artist. Beyond this, we believe in the team behind the project – with their passion, dedication & a collaborative mindset, which we also share.”