A Nigerian entertainment network that distributes ad revenue to its content’s creators via blockchain technology is set to launch.
Blocknolly TV founder Nicholas Lawrence Onumara told Content Nigeria: “Blocknolly TV is a decentralised streaming platform built on the Ethereum blockchain, to distribute royalties to entertainers using a smart contract.
“I know a lot of us have this belief that most onscreen superstars are multimillionaires, but the truth is that they are trying so hard to keep up to that status. This is why after they get old and sick they find it difficult to fund their transplant trips overseas.
“These same actors end up seeking public aid to finance their medical bills, but in reality they have done jobs that should afford them 10 kidneys if they so desire.
“To solve this great problem, as well as the piracy issue, I have decided to bring this awesome blockchain technology to the industry. It is a technology that distributes all ad revenue generated from a video to everyone in that video as well as all the viewers watching from their comfort zone.”
Onumara believes the introduction of blockchain to Nollywood will greatly impact the lives of Nigerian talent.
“This innovation is one of the best things that can ever happen to actors globally as they can now earn money from their work anytime, and from anywhere they are, even after their retirement or death. Nothing can be more promising to our celebrities,” he said.
Blocknolly TV will air movies, music videos, comedies and skits. With it, content creators will be rewarded for having their content aired while viewers will also be rewarded without being stakeholders in the movie industry.
“I am happy to see Africa take the lead for the first time in this space. Thanks to Nollywood for embracing this innovation, and we hope other countries worldwide embrace this technology too, because our entertainers deserve more than they get for their good works,” he added.