Video Advertisements
Videos convey lots of information quickly, which makes it one of the most popular ways in online advertising strategy for a company. The online video advertising market is overgrowing and is forecasted to reach $34.6 billion by 2026, and 70-80% of the revenue is generated through mobile advertising. Most of the video advertising platforms earn huge profits by displaying AD videos. However, they do not pass on those profits to the users viewing the videos.
Challenges for advertisers with existing online video advertising platforms
Factors like video quality, target audience, video size, etc. affect video advertisement costs, making it expensive for small-scale video advertisers.
Most online advertising platforms use an auction model, where an advertiser has to set CPM (the amount an advertiser is willing to pay per thousand impressions). The advertiser may pay too much if he chooses a high CPM value.
The advertising platform may forge view statistics to earn more money from the advertiser.
A competitor may launch view fraud, where he repeatedly watches the video and increases the cost for an advertiser.
More and more people opt for paid AD-free services as they feel video ADs are annoying. AD-free services shrink the advertiser's target audience number.
Customers may ignore or bypass the video advertisement.
Features of DonBangSeok Mission's Module
Advertisers need not pay for the advertisement platform. They can directly pay for the users who are watching the advertisement.
The advertisers must set target CPM and always pay a constant amount per view.
The view statistics are stored in Blockchain in a trustworthy and immutable way.
The users will get IDC for watching an advertising video
Video Advertisement Structure in DonBangSeok dApp
In DonBangSeok V1, there are three types of Video Advertisement Structure depending upon the length of the video: 1 minute, 2 minutes and 3-minute videos. A user currently receives 0.1/0.2/0.3 IDC as a reward for viewing 1/2/3-minute videos. Each mission has to be pre-funded with IDC such that users receive the reward as soon as they finish watching the video.
To publish a video, an advertiser has to upload the video to an iCraft server using a pre-signed URL. The video is subjected to moderation by AWS Recognition. If the video abides by all rules and regulations, then the video is published to the IPFS network. A new NFT is created for the video, with the advertiser owning the NFT. DonBangSeok adopted ERC 721 standards for creating NFT.
Once the video is published, all DonBangSeok users receive a notification regarding the new video. Users can view the video, and once they watch the full-length video, they will receive the reward. Users can also like/comment/share the video. We are planning rewards for like/comment/share on the video in the future. A user can view the video multiple times but only once receives the reward.
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