Top actors and film-makers heeded the clarion call of the Founder/CEO of Nollytainment Limited, Dr. Ope Banwo, on Monday, when he unveiled the strategies for making Nollycoin and Nollytainment the game changer in Nollywood.
Banwo infected the likes of Zeb Ejiro, Fred Amata, Chico Ejiro, Emem Isong, Daniel Ademinokan, Simi Opeoluwa, Fathia Williams and Charles Novia with hope as he shared his vision and drummed up support for the project.
They all commended the move and gave support to the project described as a revolutionary development in the film-making business.
According to Banwo, Nollycoin initiates a pocket-boosting medium for film-makers and a stress-free streaming platform for consumers without third party intrusion.
He noted that Nollycoin was the official currency of NollyTainment’s block chain-powered ecosystem that include NOLLYTV, a smart contract movie distribution portal; Nolly Cinemas (cinema movies exclusively watched with Nollycoin cryptocurrency); Nolly Mall; Nolly Academy and Nolly Crowdfund.
“Some of the challenges that Nollytainment plans to solve with its blockchain include the problem of access to capital by producers to make qualitative movies, problems of proper copyright documentation, protection and piracy issues, lack of multi-level worldwide distribution to justify investments by stakeholders and structural problems for fair compensation for collaborators and other professionals,” he said.
He noted that for consumers, there had always been the problem of a universal means of exchange for purchase or the enjoyment of African movies by people in the Diaspora.
On how the development would be an earning saviour for film makers, Banwo, said, “Nollytainment is a project to introduce blockchain to Nollywood, using a platform called NollyTV, like Netflix and Steroids, to upload movies to the site, using the Blockchain Smart Contract Technology. Unlike other platforms where film-makers have to wait for accumulated views before they get paid or get a particular percentage, after which they lose the right to their films, Smart Contract helps the film-maker to get paid directly without any third party intervention.”
According to him, with the revolutionary flagship NollyTV, movie producers can now upload songs on the blockchain network, execute Smart Contracts to ensure fair payment to all collaborators in the movie production chain and movie fans could now watch movies with nollycoins.
“We are excited to be the first in Africa. We are creating an ecosystem, which is the NollyTV online streaming, where Nigerians can now use Nollycoin to watch movies in cinemas. It will kick off with a blockbuster Nollywood movie in Ozone Cinemas in July, which will be announced soon,” Banwo added.
Nollycoin will be available from March 31 on http://ico.nollycoin.com.