By Lekan Bilesanmi
Dr. Ope Banwo, a lawyer, author, entrepreneur and internet business consultant, is a strong force in the entertainment industry.
A US based legal practitioner, Banwo is back in Nigeria with Nollycoin to help the Nigerian movie industry. With Nollycoin partnering with Nollywood, he explains, in this interview, an avenue is unlocked for stakeholders to make mega money via quality movie production.
The Nollycoin idea is an advanced technology that movie makers in Nigeria can benefit from. How much has your team done to sell to movie stakeholders the prosperity that may arise from this synergy?
A: We are already engaging the movie industry to share this vision. Some of the stakeholders, including producers, movie executives, actors and actresses; even cinemas, are on our advisory team and we hope to get many more on board.
It is always a challenge to be a pioneer in the entertainment industry, and this blockchain and crypto technology is still new to a lot of them and many of them even see it as a bubble with no lasting influence.
Fortunately, I am very comfortable being a pioneer and have been a pioneer in the entertainment industry before, so I know the work that must be done. I know we must do a lot of work to make them see beyond the misconceptions about the technology, and make them see how it can revolutionize the industry.
With this partnership, movie sales would increase and there would be access to grants for project financing; are you also going to work with movie makers to ensure that the quality of movie production is better?
Yes. A big part of the Nollytainment initiative with Nollycoin is to use it as a platform to improve the quality of African movies while also providing financial support for producers who are already doing great things with little capital.
To ensure that picking a good movie project does not rest with one man, thereby leading to mistakes, I am putting together a 7-man Creative Advisory Team to evaluate any movie project we would be investing in to ensure transparency and verify that the movie meets the standards required for international success.
Explain what the shared interests from this scheme would be like.
There are different levels of interest that would be shared by people who will participate in the Nollytainment ecosystem powered by Nollycoin.
I would like to call the shared interest the Nollycoin value proposition for the movie community. Nollycoin also offers a lot of win-win opportunities to stakeholders in the entertainment industry excluding pirates and copyright thieves. Some of the solutions and opportunities that Nollycoin is bringing into the entertainment ecosystem include making sure that hardworking movie producers win.
Under our ecosystem, the entire entertainment market scale can be enlarged to enhance long term exploitation of the copyrighted creative works.
All stakeholders will enter their copyrighted content onto Nollycoin blockchain and harvest the profits worldwide ad infinitum. Two, collaborators and creative artistes in the movie production chain win.
This means that, with blockchain technology and the Nollycoin, collaborators can now be compensated accurately per contract without need for any third-party intervention. Three, movie financiers and stakeholders in each completed movie win. By this, proportionate payments to movie financiers can be worked into the smart contract that would form the basis of distribution of income from all movies on the Nollytainment network. No longer will financiers or stakeholders have to chase movie producers to get repayment of loans or capital investment in any movie project. Four, open and transparent record-keeping ledgers for all stakeholders.
This means that Nollytainment platform, with its underlying blockchain technology, will provide all players in the movie making industry including movie makers, movie producers, cinematographers, and writers with digital recording of all transactions in copyrighted works that is accessible to all stakeholders on an instantaneous and permanent basis.