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The country is determined to help content creators monetize their arts through the Algorand network.
Nigeria has partnered with Developing African Group on a three-year Intellectual Property Right (IPR) agreement that will lead to the commercialization of IPs created and registered within the country.
Details of the Partnership
Under the partnership, the Nigerian government will grant Developing African Group the exclusive license to develop a platform where citizens of the country can upload and trade their intellectual properties in exchange for royalty rights or proceeds.
All royalties and proceeds will be received in users’ wallets on the platform, created by Developing African Group.
Some of the content that can be commercialized on the platform include copyrights and trademarks of songs, videos, lyrics, shows, podcasts, and other forms of streamable content, the press release notes.
Developing Africa Onboards Algorand and Koibanx
With Developing Africa Group not planning to waste any time, the company has chosen Koibanx and popular blockchain network Algorand following the Nigerian government’s approval, to get things started.
Per the announcement, while Koibanx will develop the tokens that will be used to trade various artists’ intellectual properties, Developing Africa plans to build the entire platform, including the digital currency, on the Algorand network.
Commenting on the adoption of Algorand to foster the partnership, Ben Oguntala, CEO of Developing Africa Group, said:
“Algorand’s protocol not only provides the performance, scalability, security, and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the `creators economy industry´ we’re targeting here.”
Koibanx and Algorand Collaboration Broadens
It is worth noting that this is not the first time Koibanx and Algorand will be partnering on an initiative. The duo has worked on several initiatives, including in the private and public sectors across Latin America.
Leo Elduayen, Koibanx´s CEO described the initiative as the largest cryptocurrency project globally, adding:
“I believe this initiative could change the lives of over 50 million people easily. Since we launched Koibanx back in 2015 we were convinced Blockchain tech and cryptocurrencies were the foundational building blocks for economic development in emerging markets, being able to have an active part in how is happening is a privilege.”
Widespread Algorand Adoption
Meanwhile, the Algorand blockchain has been widely adopted by government authorities as well as private entities.
Algorand, which became the official blockchain of FIFA earlier this month, saw Australian Zoo launch its non-fungible tokens (NFTs) on the platform.
The Algorand Foundation also took to its Twitter page to announce the development, saying:
“BREAKING: @koibanx and @developingafro to develop #Nigeria’s official platform for commercialization of all IP in the country, on #Algorand.”
BREAKING: @koibanx and @developingafro
to develop #Nigeria's official platform for commercialization of all IP in the country, on #Algorand.As announced by @leoelduayen and @developingafro earlier today on a #TwitterSpace. Replay 👉 https://t.co/pGqAc2vp0s
— Algorand (@Algorand) May 23, 2022
The company also went a step further to illustrate the significance of the initiative to the Nigerian entertainment industry.
Let's talk Nigeria! Nigeria is a financial and innovative giant, their influence runs deep globally. With todays news from @leoelduayen let's delve into some of the entertainment numbers
Nigeria Ranks Second For Most Musical Streams On Spotify#GreenWhiteGreenCrypto
— Algorand Foundation (@AlgoFoundation) May 24, 2022