PURPOSE OF THE NOLLYCOIN
To Provide Access to Financing and Capital to produce qualitative movies
Provide Copyright Protection and Solve Piracy Issues
Provide Multi-level World Wide distribution to justify financial investment
Enable Fair Compensation for collaborators in creating the movies
Provide Universal means of exchange for Nollywood movies
Provide top Financial Backing for some of the best Producers in the Nollywood
PROBLEMS LIMITING THE POTENTIAL AND IMPACT OF NOLLYWOOD MOVIES IN THE GLOBAL MARKETPLACE
However, despite the world-wide attention, and literally thousands of movies released in a relatively short time, Nollywood, (and by extension, other smaller movie industries often included as part of the general Nollywood extension such as Ghallywood (Ghana); Cannywood (South Africa) is still severely limited in realizing its full potential by 5 Main factors:
- Problem of Access to sustained Financing and Capital by Producers to produce qualitative movies
- Problems of proper Copyright Protection and Piracy Issues
- Lack of Multi-Level World Wide distribution to justify financial and artistic investment by investors and stakeholders
- Structural problems for Fair Compensation for collaborators and other professionals in creating the movies
- Problems of Universal means of exchange for purchase or enjoyment of Nollywood movies.
The team of Founders and Visioners of Nollytainment are experts in the field of filmmaking with various competencies, but all of them are certain that there is an urgent need for innovative solutions to existing problems and constraints that damage both the quality of films; piracy; distribution and the reputation of many participants of the process of filmmaking (for instance, lack of transparency of financial aspects)
BLOCKCHAIN TECHNOLOGY TO THE RESCUE
The promoters of NollyTainment, creators of NOLLYCOIN, believe that these limitations can be eliminated by a coin built on the Etherium blockchain technology and once successful, the new Nollywood ecosystem powered by the block-chain backed coin, will usher in a new age of expansion and prosperity for Nollywood Movies.
Nollycoin is the first digital currency designed to use blockchain technology to solve a wide range of problems and complexities at various stages of film financing, distribution and consumption of the creative works in the world’s 2nd most prolific Movie industry.
At its core, the blockchain is a distributed ledger that can validate and register transactions without the need for a central authority. No one owns the ledger — it’s spread across the nodes that constitute its network and is publicly available to everyone. Information stored on the ledger is interrelated through cryptographic hashes, which make it virtually irreversible and tamper proof.