Stakeholders in the movie industry have thrown their weights behind Nollytainment, a project by US-based attorney, business consultant and digital business expert, Dr. Ope Banwo.
The movie industry heavyweights who have endorsed the project includes seasoned actor and Fred Amata, Emem Isong, Charles Novia, Zeb Ejiro, Simi Opeoluwa, Daniel Ademinokan, and a host of several others.
Nollytainment is a new entertainment ecosystem which includes Movie Consumers, Home Videos, Nolly TV, Nolly Cinemas, Nolly Mall, Nolly Exchange, Nolly Foundation, Nolly Academy and TV Series all backed by the decentralized blockchain technology to publish, distribute and pay those involved in a movie project.
It is also a revolutionary peer-to-peer creative works sharing and registering system for the movie industry in third world countries particularly Africa.
According to Dr. Banwo, the project will support the movie industry, take Nollywood films to the international stage and among other things eliminate several shortcomings in the industry, as writers, producers, directors on a movie project could easily eliminate trust based issues.
Analysing Nollytainment and its blockchain technology, Dr. Banwo said with Nollytainment everyone who works on a project gets paid as soon as any money is made from it, having initially signed a smart contract.
Further, he explained how the whole setup works saying that “when the films are uploaded into our system, what each person gets from the sales or streaming of the flick is filled in a form online and it would remain so as long as the movie remains on the platform. Even operators of the platform cannot go back to alter what has been keyed into the system,” he said, while adding that with the concept, filmmakers don’t have to worry about access to capital, copyright, piracy, movie distribution and others, as via Nollycoin they can also enjoy top financial backing.
During the pre-ICO exercise which kicked off on March 1st and closes on 31st at ico.nollycoin.com, stakeholder would have the chance to buy a minimum of 0.5ETH (approximately $425), with 16,000 Nolly given for every 0.50ETH and 30 percent bonus given on all purchase.
However, during the ICO period, which kicks off April 1, and ends on 30th, interested individuals will be required to purchase a minimum of 0.10ETH (approximately $ 80) with 3,000 Nolly given for every 0.10ETH bought.
According to D. Banwo, during the first week, buyers will be given 20 per cent bonus on every purchase, 15 per cent in the second week, 10 per cent in the third week and five per cent in the fourth week.
Explaining the difference between Nollycoin and Cryptocurreny, Dr. Banwo said while they might be backed by the same ideology, individuals can use the Nollycoin to access movies on their platform.