NetworkNewsWire
Editorial Coverage: The freelance employment market now
comprises 34 percent of the United States workforce, according to a
recent report, with freelance workers contributing approximately
$1.4 trillion to the nation’s economy (http://nnw.fm/ZLkg1). Intrinsically connected with
today’s freelance market, digital services has a compound annual
growth rate of 6 percent and may be poised to become one of the
next global economic drivers. Blockchain is a revolutionary
technology that has the potential to fuel the growth of the digital
freelance services market by enabling secure, transparent and rapid
transactions. Companies bringing “Blockchain” to new industries
include Bitcoin Investment Trust (OTC: GBTC),
MGT Capital Investments, Inc. (OTCQB: MGTI),
HIVE Blockchain Technologies Ltd. (OTC: HVBTF) (TSX-V:
HIVE), Global Blockchain Technologies Corp. (OTC:
BLKCF) (CSE: BLOC) and Victory Square
Technologies, Inc. (OTC: VSQTF) (CSE: VST) (VSQTF
Profile).
Forbes reported that the next great area of blockchain
disruption in 2018 could be the online freelancing business
(http://nnw.fm/iJ6DM). Blockchain startups that
spot this potentially profitable market gap are already popping up
on the digital map. Capaciti, the professional
services marketplace of parent company Howyl Ventures — which was
recently acquired in part by Victory
Square Technologies (OTC: VSQTF) (CSE: VST) — is
poised to potentially be a big disruptor in the digital freelance
space (http://nnw.fm/92N0u).
Targeting launch in Q3 of this year, Capaciti will be the
world’s first blockchain-based, enterprise-grade marketplace for
digital design and technology development services. With platform
transactions projected to reach $36.9 million in 2019 and to surge
to over $495 million by 2022, Capaciti looks like it is setting the
stage for a billion-dollar show.
Capaciti’s application of blockchain technology upgrades an
online marketplace from a manual, analog process to a
decentralized, automated marketplace. This innovation could create
the foundation for the next evolution of connecting talent and
clients in the digital marketplace.
The market for Victory Square Technologies’ Capaciti’s initial
service offering is substantial. In the United States alone, the
software development market is estimated at over $235 billion per
year, with 70 percent of that spend flowing to outsourced partners
or freelance professionals.
The world’s workforce has become decentralized, and digital
services business connections are now mostly made in online
marketplaces. Freelancing is predicted to become the workforce
majority within a decade (http://nnw.fm/zVJ6d). Upwork, arguably the world’s
largest and most successful online marketplace for freelance
services, generates $1.5 billion per year in revenues and is
targeting $10 billion in annual revenue by 2022. 99Designs reports
a design upload occurs every second, and designers have made over
$200 million on the site from over 444,000 clients.
Capaciti’s incubator, Victory Square Technologies, has a
management team of established leaders in blockchain technology and
digital marketplaces. The company was named one of the top 14
blockchain companies to watch in 2018 by Entrepreneur.com (http://nnw.fm/9xCil). CEO Shafin Diamond Tejani was
named Canadian Angel Investor of the Year in 2017. Tejani has also
launched more than 40 startups and has generated over $100 million
in revenues per year.
Capaciti co-founders Marc Low, Steve Davis and Gary Bode have a
successful track record of delivering projects using a distributed
workforce model for big brands such as HCL Technology, Barclays
Bank, Sotheby’s, Pacific Union International and Estee Lauder. They
have collectively launched the global talent crowdsourcing platform
Deloitte Pixel, held a senior marketing role at Apple and grown the
team at Chimp Technology from five people to more than 70.
Victory Square Technologies’ Capaciti could potentially disrupt
this trillion-dollar market that is in serious need of a technology
upgrade.
Major Money Markets Ripe for Disruption
Capaciti’s freelance software development platform alone breaks
into a $237 billion market. With plans to expand into additional
service verticals, Victory Square Technologies new acquisition may
have spotted a massive untapped reservoir of enterprise-grade
business. Marketplaces such as Upwork, 99designs and Fiverr service
some of the need but remain challenged in areas that can create a
price squeeze in a hypercompetitive environment. Price squeezes can
drive down profit margins to unsustainable levels for vendors.
Small-business clients often mine these sites to find workers
for the lowest possible rate. Business relationships in online
project marketplaces can start off well but end badly, with losses
being cut on both sides. Workers pressure clients into payment for
incomplete or insufficient work or want to move off the contracting
platform to communicate and transact.
These markets, then, are arguably ripe for disruption.
Decluttering and De-risking the Online
Marketplace
Victory Square Technologies’ Capaciti’s model pairs top-tier
enterprise clients with top-tier talent to effectively deliver
projects, creating an exchange that removes many risk elements.
Capaciti’s business model moderates business relationships in
the online marketplace. Rather than just creating a job board on
which to post and pitch, participants on the platform vet the
profiles and reputations of both freelancers and clients. Capaciti
solves the mystery of who the clients and vendors are and what they
do best. The company has designed a system for executing
enterprise-level projects in a way that avoids the pitfalls of
overpricing and delivery disagreements.
A blockchain-based reputation management protocol empowers
vendors to earn a transparent and auditable “reputation score.”
Blockchain smart contracts are used to manage contractual
obligations between client and vendor and increase the speed and
efficiency with which freelancers get paid for work performed, as
payment settlements are transferred instantly upon successful
completion.
With blockchain technology, a global reach and a laser focus on
user retention, Victory Square Technologies’ Capaciti could
potentially upstage companies such as Upwork, 99designs and
Fiverr.
A Tech Vertical Fueled for Hypergrowth
The Capaciti platform is already being used internally by
Victory Square Technologies to service existing client work and,
once launched publicly, could be well-positioned to scale rapidly.
First launching in the North American market, Capaciti will begin
expansion into key markets in Europe and Asia next year. Victory
Square Technologies’ investment in Capaciti sets the stage for
success for this technology-driven vertical, already poised for
growth and slated to launch soon with transactions projected in the
millions straight out of the gate.
Potential Comparables:
Bitcoin
Investment Trust (OTC: GBTC) is a traditional
investment vehicle with shares titled in the investors’ names,
providing a familiar structure for financial and tax advisors and
easy transferability to beneficiaries under estate laws. Shares of
the Bitcoin Investment Trust are eligible to be held in certain
IRA, Roth IRA, and other brokerage and investor accounts.
MGT Capital
Investments, Inc. (OTC: MGTI) is based in Durham,
North Carolina, and ranks as one of the largest United States-based
bitcoin miners. The company also has expanded facilities in
Washington State and in Sweden.
HIVE
Blockchain Technologies Ltd. (OTC: HVBTF) (TSX-V:
HIVE) is building a bridge from the blockchain sector
to traditional capital markets. HIVE is strategically partnered
with Genesis Mining Ltd., the world’s leading cryptocurrency mining
hashrate provider, to build the next generation of blockchain
infrastructure. HIVE also owns a state-of-the-art GPU-based
cryptocurrency mining facility in Iceland.
Global
Blockchain Technologies Corp. (OTC: BLKCF) (CSE: BLOC)
provides investors access to a mixture of assets in the blockchain
space, strategically chosen to balance stability and growth. Blue
chip holdings such as Ethereum and Bitcoin are complemented by
best-of-breed "smaller cap" crypto holdings, many of which are not
yet available to other investors.
Big Opportunities in Online Project Network
The over-trillion-dollar digital services market is clearly on
an upward trajectory, and the online project-based network
represents an opportunity for blockchain incubators such as Victory
Square Technologies.
For more information on Victory
Square Technologies Inc. (OTC:VSQTF) (CSE:VST), please
visit StreetSignals.com for the
FULL report.
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