Nigeria’s Govt has Adopted Algorand for the commercialization of all IP in the country

Key Takeaways

  • The Nigerian government has pledged to a three-year exclusive pact with the Emerging Africa Group to build a national wallet that will allow the international commercialization of any IP forms created and registered in Nigeria, both locally and globally.
  • The agreement covers trademarks, patents, and other types of copyrights, including music, lyrics, films, shows, lectures, podcasts, and other forms of streamable content.
  • In addition to general technicalities, Koibanx, a renowned Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of creating wallets, tokens for both IP sold and stable tokens (Naira equivalent) to pay creators.
  • All tokens will be launched on the Algorand Blockchain.

The Nigerian government has agreed to a three-year exclusive IPR (intellectual property right) contract with Developing Africa Group to launch a national wallet that will allow for the international commercialization of all IP forms created and enrolled in the country, both regionally and abroad. In this context, the IPR exclusivity agreement entails the legislature authorizing Developing Africa Group – a regional software development company – the permission to establish the country’s official platform, which will allow its citizens to upload any form of IP rights and trade, sell, or exchange them internationally while accumulating royalties and proceeds in their wallets.

Trademarks, patents, and all kinds of copyright, such as music, lyrics, movies, shows, lectures, podcasts, and other forms of streamable content, are among the types of IP achieved by the above-mentioned agreements.

Nigeria’s media and entertainment business has the potential to be one of the country’s most valuable exports. It is one of the world’s fastest growing creative industries, with an annual growth rate of 8.6% forecast.

According to reports from 2021, the Nigerian entertainment sector employs around a million people and creates over $8 billion in revenue for the economy. By 2023, the business is expected to reach $10.8 billion in revenue, accounting for 1.4 percent of GDP.

With government consent, the Emerging Africa Group has chosen Koibanx as the tokenization and payment engine to be utilised in the country, with the Algorand Blockchain as the protocol to be developed on top of it.

The Algorand Blockchain will be used to launch all tokens. “The Algorand Protocol not only provides the performance, scalability, security, and functionality required to implement such a large-scale project,” says Ben Oguntala, CEO of Developing Africa Group. “It is also environmentally conscious, which is important to the Government, and has a great philosophical fit with the ‘creator economy industry’ targeting here.”

Koibanx, a renowned Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of executing the wallet, the token (both for the IP being sold and a stable token (equivalent to the Naira) to pay the creators, as well as the management and technology integration of the various vendors in play, which include one of the top card issuing companies in the world, a content streaming platform, and top legal and data mining firms.

Algorand broke the news to the public by posting a tweet which reads,

The effort itself emphasises two major truths that have existed in the crypto industry from its inception. To begin with, the adoption of crypto and tokenized assets is occurring in “developing markets” (El Salvador, Nigeria, and Colombia). Paraguay, Panama). Furthermore, in regards to socioeconomic situations, demography, currency inflation, crypto adoption, financial sub-audience population, and quickly expanding smartphone penetration, Latin America and Africa share more than one that can be effectively rewarded.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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