Over the past three decades the African film industry has grown from virtually non-existent to a multi billion industry.
That growth has been driven by an incredibly creative group of filmmakers who make thousands of new films each week.
While successful Nollywood isn’t without its problems. Chief among these are copyright infringement, lack of access to capital, unfair compensation for film professionals and lack of global distribution for the films created.
Blockchain technology could help to change this. Nollycoin is an ambitious new blockchain startup which wants to transform the current paradigm of the Nollywood film industry.
Here’s how the plan to do it…
Goals for the Nollycoin Platform
There are three primary goals that the Nollywood platform aims to achieve. These are as follows:
#1 To create a blockchain which facilitate a peer to peer Content Delivery Platform. On this Platform Nollycoin would be the primary currency.
As part of this blockchain system, Nollywood would provide a smart contract enabled compensation system. Using smart contracts creatives involved with the movie production process would be able to enter contracts without the need for any third party intermediaries.
Through the Content Delivery Platform viewers will be able to purchase individual films to watch using micropayment. Because of the use of smart contracts these payments can be immediately and automatically paid out to everyone who is involved with creating the movie.
#2 Raise funds to acquire exclusive films in order to entice new users to the Nollywood Delivery Platform. This will be supplemented by an effort to get directors to release their upcoming film content exclusively through the Nollywood Delivery Platform.
#3 To create a token which provides value beyond its tradeable valuation..Nollycoin token holders should be entitled to special offers and products. This would include Exclusive Premium Tickets which would enable the users to watch films through the platform and through partner movie theatres.
Nollycoin Content Platform Fixes For The Nollywood Film Industry
Using smart contracts would help to fix one of the biggest problems for the Nollywood film industry. Namely unfair compensation for those that are involved. Smart contracts would automatically allocated revenue as it is generated to those that are involved with the project. Using the blockchain viewers are able to make micropayments for the films that they are watching. The smart contract can then allocate these payments to the participants involved with the project. This process doesn’t involve any third parties. This means that is extremely cost effective and not vulnerable to fraud.
Nollycoin Token Sale
Nollycoin is being offered in a public token sale. This token sale will be divided into five phases. The key details of the token sale include:
Exchange rate: 1 Nolly is equal to 0.000025 ETH
Soft cap for token sale: 2000 ETH
Hard cap for token sale: 6000 ETH
Total token supply: 500 million Nolly
Total number of tokens offered in token sale: 350 million Nolly
Token sale phase one (Pre-ICO): Match 2018
Token sale phase two to five: April 2018 lasting one week per phase
Nollycoin website: https://nollycoin.com/
Nollycoin whitepaper: https://nollycoin.com/wp-content/uploads/2018/03/Nollycoin-White-Paper.pdf
Nollycoin Facebook: https://www.facebook.com/nollycoin/
Nollycoin Twitter: https://twitter.com/nollycoin
Nollycoin Instagram: https://www.instagram.com/nollycoin/