Two issues that have almost wrecked the African film industry are the distribution of movies and piracy.
These problems have even brought the Nigerian movie industry fondly called Nollywood to its knees and filmmakers have remained helpless despite crying their eyes out to government without solution.
But information reaching us indicates that these issues may soon become a thing of the past with the introduction of a scheme called NollyFlix, an initiative of Nollytainment, promoters of Nollycoin.
NollyFlix is a platform created to allow African movie producers distribute and show their flicks to a global audience.
The Nollycoin powered movie distribution platform 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.
Check http://app.nollyflix360.com/home to view more.
