By Foster Obi
Nigeria’s effort at developing a value-driven Nigeria movie industry moved a notch yesterday with the launch of ‘Nollytaiment,’ a blockchain technology designed to power a new movie entertainment ecosystem.
The technology is financed through the Nollycoin , which is the official coin to access and purchase products in the Nollytainment ecosystem.
At a briefing in Lagos, the prime mover of the technology, Dr Ope Banwo described it as a deliberate strategy to address the problems limiting the impact of African movies in the global marketplace.
He said it will address poor access to sustained capital to produce quality movies, issues of proper copyright documents, protection ad piracy, structural problems for fair compensation for collaborators and other professionals in creating the movies and challenges of universal means of exchange for purchase or enjoyment of African movies.
Banwo said that the strategy and focus of the Nollycoin/Nollytainment project will provide a peer-to-peer content distribution platform that provides direct micro-payments to cote towers and provide access to financing and capital to third world movie producers to produce qualitative movies for the international market.
He said that the value proposition of the Nollycoin was a great opportunity for practitioners in the movie industry to generate quality content and gain revenue, which includes collaborators/creative artistes, hardworking movie producers, movie financiers and stakeholders.
Other benefits highlighted are the open and transparent record-keeping ledgers for all stakeholders and the Big Open Data of the Nollycoin blockchain, which can be driven by Artificial Intelligence.
He noted that the timeline for achieving the set objectives include; completion of the ICO(April, 2018), meeting stakeholders & selections(May, 2018), launch of Nolly in at least 4 exchanges (Jue,2018), Beta Launch of NollyTV platform(July,2018) and first NollyTV Exclusive TV series(July,2018).
On the Pre-ICO offer he said between the period March 1st to 30th, 2018 a minimum of 0.50 etherium was approximately $425, with 16,000 Nolly for every 0.50 etherium and 30% bonus on all purchases.
Explaining that it was not a security sale, but a token sale designed to seek crowd funding for the Nollytainment/Nollycoin project, he said that supporters are given tokens in return.
