The Founder/CEO of Nollytainment Limited, Dr. Ope Banwo, in his bid to discuss strategies for making Nollycoin and Nollytainment the game changer in Nollywood, as it was intended to be, met with some iconic figures in the African movie industry at the prestigious Oriental Hotel, Lagos; to share the vision of Nollytainment and drum up support for the Nollycoin project.
Some of the top movie producers, include Zeb Ejiro; Fred Amata; Chico Ejiro; Emem Isong; Daniel Ademinokan; Simi Opeoluwa; Faithia Williams and Charles Novia; who gave their full backings to the revolutionary development in the filmmaking business.
Nollycoin initiates a pocket boosting medium for filmmakers and a stress-free streaming platform for consumers without third party intrusion.
Nollycoin is the official currency of NollyTainmentâ€™s blockchain 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 among others.
Some of the challenges Nollytainment plans to solve with its blockchain, include the problem of access to capital by producers to produce 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.Â
For the consumers, there has always been the problem of universal means of exchange for purchase or enjoyment of African movies by people in diaspora.
Speaking on how the development would be an earning saviour for filmmakers, CEO of Nollycoin, Dr. Ope Banwo said â€œNollytainment 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 filmmakers 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 filmmaker get paid directly without any third party interventionâ€.
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 can now watch movies with Nollycoins.
â€œWe 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 would be kicking off with a blockbuster Nollywood movie in Ozone Cinemas in July, which would be announced soon,â€ said Banwo.