The Nation, Lagos — Nigerian entertainment stakeholder, Dr. Ope Banwo, has started a new project tagged Nollytainment to tackle some of the intractable problems Nollywood and other African movie industries by using blockchain technology to power a new movie entertainment ecosystem.
Briefing the press recently, Dr. Banwo said the use of ecosystem will center on NollyTV which enable peer-to-peer movie sharing portal for the publication, distribution, and consumption of movie, using Nollycoin as the means of exchange.
“Nollycoin will be the official coin to access and purchase products in Nollytainment ecosystem,” said Dr. Banwo who is also CEO of Dove Media Plc, Stingomania Entertainment and Nollywood Blockbusters.
“Bitcoins and other select cryptos and fiat money will also eventually be accepted on the platform but Nollycoin will rule.”
Speaking on the benefits of development, he explained that Nollycoin will tackle lack of access to sustained capital by producers to produce qualitative movies, issues of proper copyright documents, protection and piracy, structural problems for fair compensation for collaborators. Banwo further stressed that the value proposition of the Nollycoin offers a lot of win-win opportunities to stakeholders in the entertainment industry except the pirates and copyright thieve.
“Some of the solutions Nollycoin/Nollytainment project is bringing into Nollywood is that we are providing access to financing and capital to 3rd World Movie producers to produce qualitative movies for the international market and also provide top financial backing for some of the best producers in the Nollywood to produce films for enjoyment of our ecosystem and global group of African movie lovers.
“All stakeholders will enter their copyrighted content onto Nollycoin blockchain and harvest the profits worldwide ad infinitum. Two, collaborators and creative artistes in the movie production chain win.”
Other benefits highlighted is Nollycoin ICO initiative which he said is a crowdfunding campaign to raise funds for the Nollytainment blockchain.
“We are raising funds to execute the business plan and objectives through a global crowdfund with Nollycoin as the exchange for supporting the project. The Nollycoin Pre-ICO is March 1st – 31st while the ICO itself will take place from April 1st – 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,” he concluded.
Also, present at the press briefing were Nigerian entertainment giants like Emem Isong, Charles Novia, Tade Ogidan, Simi Opeoluwa, Fred Amata, Daniel Ademinokan, Zeb Ejiro and Faithia Balogun.