royalty token
Several discussions with the movie and music industry a section of the entire entertainment industry players in Africa, reveals that about 90% of veteran regrets choosing these industry as a career.
Most of these entertainers feature in more than a 1000 movies created to entertain and to educate their viewers and fans, yet they end up with nothing when they retire. There has been reports of many and evidence spread all across Africa. A deficiency which most of the industry players are always afraid of. Most of which the entertainer is then required to move away from the scene and venture into other businesses in order to stay relevant in the society.
Recently, a beautiful scenario is that most of them are gradually moving away from the Light Camera Action scene and diverging into Television Presentation.
Kwadjo Nkansah known in the movie industry as Lil Win Ghana’s most sought after comic actor has moved from the movie scene and he has now become a Comic Show host on TV. He is not the only one but we can talk of Emelia Brobbey, Akwasi Boadi, and Kwaku Manu etc. many industry players all across Africa can also relate to this. With Nigeria as one of the biggest market in this industry the story is no different. This group of young vibrant entertainers complain of so many inequalities in the industry and it is the right time to venture into other businesses or look for other means to earn a living. Major industry players blame this on ineffective and total neglect of laws governing the entertainment industry.
They name this points as the major deficiency that is aching the industry;
Copyright
Piracy
Royalty
Entertainers of the African descent has been victims of this particular deficiencies, Copyright laws do not work neither do the Piracy nor Royalty laws. These laws were formed to protect the intellectual properties churned out by this entities but none of this is working for the very people whom it is supposed to work for. Industry players believe that they can change and turn this around but how to do this has become an issue until they met Mr. Nicholas Lawrence Onumara a former film practitioner turned blockchain developer and technologist.
The blockchain technology has been touted as one of the major inventions in the history of mankind. This technology was created to solve real life issues, from finance to contracting etc. The technology since its inception in the year 2009 has been proven to be formidable in all aspects of life that it has been applied to. In contracting it has proven to be the most formidable as it helps solve the trust issues that seems to elude many in contracts.
Blockchain in the financial sector the story is nothing but the best and major banks across the globe has bought into and has begun rolling it in its day to day way of transacting internally and externally. Mr. Nicholas in the space of the entertainment industry proposed to create his own version of the blockchain technology that will help solve this 3 major deficiencies in the Film industry.
He Proposes;
Blockcnolly Tv
Royalty Token (RYT).
BLOCKNOLLY TV.
The Blocknolly project is a revolutionary Peer-To-Peer creative content sharing platform available on every Traditional, Smart TV and Mobile phone apps for the Entertainment industry in Nigeria, Ghana and the world at large.
ROYALTY TOKEN (RYT)
RYT (Royalty Token) is a digital currency created on the ethereum blockchain to reward entertainers for their creative works for a lifetime. RYT would be used to pay out major casts & crews on every production, thereby creating massive demand for Royalty token.
A wallet to store RYT token
A direct exchange point to local currency and other cryptocurrencies
RYT would be used to pay out major casts & crews on every production, thereby creating massive demand for Royalty token.
A comprehensive look;
Producers and content creators register and load their content on the blocknolly network powered by blockchain. The producers or content creators execute a smart contract that stipulates the different rights and percentage compensation for different collaborators (cast & crew) on each Ads revenue generated from that specific content before it’s available for consumption worldwide.
Content is then published publicly on blocknolly for viewers/consumers. Advertiser accounts are charged/debited each time their Ads is displayed on an aired content. The decentralized ledger automatically records and authenticates the transactions from each Ads revenue to all beneficiaries of that aired content based on the smart contract.
All transactions are then added into the encrypted blocks and officially added to the blockchain in a permanent form and review-able by all parties with no one being able to edit, delete or amend the record.
The micro payments are then automatically credited to the wallet of different entities entitled to compensation based on the smart contract published for that content. Smart TV and mobile app viewers are also not left out in the micro distribution.
Beneficiaries can now withdraw their money from their wallets at any time from supported listed exchanges or hodl for more value.
With a team of great blockchain experts he proposes to implement this wonderful project.
Mr. Tola Fadugbagbe (Advisor), Ms. Helen Idiong (co-founder), Mr. Chimezie Chuta (Blockchain & strategy consultant) and Mr. Nicholas L. Onumara (founder).
In a recent dinner with the ACTORS GUILD OF NIGERIA (AGN), ASSOCIATION OF MOVIE PRODUCERS OF NIGERIA, NIGERIA FILM MARKETERS UNION and the DIRECTORS GUILD OF NIGERIA (DGN).
The President of the AGN said;
The blockchain technology is the latest innovation which is taking over the whole world, the project if successful will move the middle men who are the Pay TV from the scene so entertainers will then have to deal with customers directly, thus putting money directly into their pockets. It is very important as entertainers to catch in earlier when it comes to technology so they get to be ahead of the game.
The BLOCKNOLLY TV AND ROYALTY TOKEN is here to solve one of the major deficiency in the entertainment world.
BLOCKNOLLY SAYS; YOU ACT, HE SHOOTS EVERYONE GETS PAID!