By Niyi Tabiti: Stakeholders in the entertainment industry, particularly Nollywood practitioners have urged Ope Banwo to launch the much talked about Nolly Cloud and Nollyflix. Banwo holds a doctorate degree in law and he has serves as director of various companies within and outside Nigeria. Nolylix is his brainchild. He said it will change the way people stream Nigerian movies and how producers,directors,actors and so on earn royalty on their work.
According to Banwo, Nollyfix is a Steroids blockchain movie streaming platform complete with Smart Contracts for simultaneous payment of stakeholders. That’s the CORE of Nollytainment by the way. Take a look at it on NollyFlix360.com. It’s what’s called the MVP (Most Viable Product) of the final main thing. So this will be the 2nd MVP ( after the NollyCloud demo).
Nollycoin powers a Peer-To-Peer content sharing System for the Movie industry . Nollycoin allows movie producers and their collaborators to license their content as a “coded contract” directly to a decentralized database called a “blockchain”.
These contracts automate the collection and distribution of royalty payments and remain in the control of the movie producers and creative artists themselves.
HOW THE NOLLYCOIN POWERED NOLLYTV PLATFORM WORKS
• Producers and Content Owners register and load their content on the NOLLYTV.NET blockchain ledger powered portal
• The Owner or Producer executes a smart Contract that stipulates the different rights and compensation percentages of fixed payments for different key collaborators on each sale of the content before the content is available for worldwide consumption.
• Content (movies etc) is then publicly published on NOLLYTV for consumers to buy and consume with Nollycoin as the means of exchange.
• Users make payments through the portal wallet for content of their choice using NOLYCOIN (which can be purchased by fiat money or other currencies available on the platform exchange for those who do not have Nollycoin)
• The Decentralized Ledger automatically records and authenticates the transactions from each sale to all beneficiaries based on the smart contract
• All Transactions are then added into encrypted blocks and officially added to the blockchain in a permanent form and reviewable by all parties with no one being able to edit, delete or amend the permanent record.
• The micro payments are automatically credited to the portal wallet of different beneficiaries based on the published smart contract for that content
• Beneficiaries can now withdraw their money from their Wallets at any time in Nollycoin which they can keep for the value, or convert to fiat money or other cryptos on the Nollytainment exchange or other public exchanges where Nollycoin is traded.