Nollywood is set for a revolution with the introduction of a concept called Nollycoin, a brainchild of well-travelled and renowned lawyer and investor, Ope Banwo.
Ope Banwo , in a session with journalists on Monday, March 5th, explained that the Nollycoin is going to be the new currency for the entertainment industry which will only be relevant within the entertainment “ecosystem”.
He further explained that Nollycoin uses a decentralised blockchain technology to publish, distribute and pay those involved in the movies.
According to him, the system has been created to ensure that those who should be paid for being part of movie production (producers, scriptwriters, director etc) get their payment immediately a transaction is completed on the platform.
“With Nollycoin, movie producers, directors, marketers and others do not have to worry about trust as the platform will ensure that everyone gets his dues as inputted into the system.”
“When the films are uploaded into our system, what each person gets from the sale 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 added.
Commenting further, Ope Banwo said with Nollycoin in place, filmmakers do not have to worry much about access to capital, copyright/piracy, movie distribution, royalty and others.
“Nollycoin will provide top financial backing for some of the best producers in the Nollywood, provide copyright protection and solve piracy issues, provide universal means of exchange for Nollywood movies, provide multi-level worldwide distribution to justify financial investment, enable fair compensation for collaborators in creating the movies, and provide access to financing and capital to product qualitative movies,” he said.
On how the movies would be accessed across the world on the platform, the US-based lawyer said people will have to purchase Nollycoins, the only currency the system accepts.
According to him, the digital currency would be made available to all at a cheaper rate in the pre-ICO exercise, which started on March 1, 2018 and will close on March 31, 2018.
During the offering, stakeholders would be given the opportunity to buy a minimum of 0.50ETH (approx. $425) with 16,000 Nollycoin given for every 0.50ETH and 30 percent bonus given on all purchases.
However, during the ICO period, which starts April 1, 2018 and ends April 30, 2018, people would be required to purchase a minimum of 0.10ETH (approx. $80) with 3,000 Nollycoins given for every 0.10ETH bought.
He said during the first week, buyers would be given 20 percent bonus on every purchase, 15 percent bonus in the second week, 10 percent bonus in the third week and 5 percent bonus in the fourth week.
He spoke very excitedly about the launch of the project and is sure about the success of the project.
Ope Banwo mentioned also that this is also going to ensure that the quality of the movies that will be published will be top-notch as he’s only partnering with the best producers in the industry which include Charles Novia, Tade Ogidan, Emem Isong, Zeb Ejiro, Daniel Ademinokan and others.
