Nigeria’s cultural and creative potential, especially in regard to Blockchain technology, was highlighted by the CEO of Gluwa during the “Destination 2030: Nigeria Everywhere” event, which was organized as a side panel during the UN General Assembly. Nigeria’s Ministry of Culture was in charge of organizing the event. The CEO of Gluwa emphasized Nigeria’s rich storytelling customs and cultural legacy while pointing out that blockchain Technology might support the internationalization of Nigeria’s creative sectors. He specifically suggested that blockchain technology could make it easier for foreign Investors to participate in Nigeria’s booming film industry and other creative industries.
The notion of tokenization was deliberated by him, thereby enabling global investors and traders to exchange assets associated with innovative ventures in Nigeria. Additionally, he proposed using donations to support small artists and up-and-coming talent through blockchain-based solutions. Ultimately, the CEO underlined that blockchain’s capacity to remove obstacles may open up new sources of income, secure investments, and foster cross-cultural dialogue. A borderless financial system is an international economic network that operates without respect to national boundaries, facilitating smooth financial transactions between nations without the limitations of conventional financial institutions.
Creatives won’t have to worry about foreign banking costs, conversion rates.
Within the creative sector, this kind of approach would free artists—especially those from developing nations like Nigeria—from the red tape that comes with traditional banking systems and enable them to cooperate worldwide, sell their work abroad, and obtain foreign support. For instance, Nigerian filmmakers and artists may tokenize their productions, offering investors throughout the world digital ownership stakes in their work. These tokens might be bought, sold, or traded, providing new means of funding for artists’ work and opening up worldwide participation in regional creative economies.
In order to establish a global financial system, blockchain technology is essential. Because it uses decentralized ledgers, transactions may be transparent and safe without the need for middlemen like banks. This means that creatives won’t have to worry about foreign banking costs or conversion rates when they receive money directly from fans, sell digital rights to their work worldwide, and make money. One of blockchain’s primary functions is tokenization, which allows authors to turn their creations into digital tokens that a worldwide consumer base can buy.
They could tokenize intellectual property, like music, movies.
Tokenization is the process on a blockchain of transforming ownership rights or assets into digital tokens. This could entail tokenizing intellectual property, like music, movies, artwork, or even works of art, to enable fractional ownership or share in the profits made from these works. A future film by a Nigerian director, for instance, might be tokenized, enabling investors and fans to purchase tokens that represent a portion of the movie’s earnings. The ability to exchange these tokens on an international market would allow investors to participate in innovative ventures from anywhere in the world.
Also, the creative industry can benefit greatly from blockchain and tokenization, as seen by numerous practical applications. With the help of the blockchain-based Mogul Productions platform, creatives can tokenize their works and raise money from a worldwide audience. By facilitating the connection between creators and investors, Mogul allows token holders to directly influence the creative process by voting on specific films to develop. Another blockchain technology that lets musicians tokenize their work and sell music rights and royalties to fans directly is called Ujo Music. In order to guarantee that musicians receive prompt and equitable payment for their songs that are sold or streamed, Ujo Music uses Ethereum-based smart contracts.
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Async art is a visual arts medium that enables artists to produce programmable digital artworks that are tokenized and marketable. A collector can create a one-of-a-kind interactive experience by purchasing layers of an artwork and altering its appearance in real-time. Other panellists discussed how they believed blockchain would help Nigeria’s creative industries grow during the “Destination 2030” event. Blockchain technology has the potential to create new distribution avenues for Nollywood, Nigeria’s rapidly expanding film industry, enabling films to bypass conventional distribution constraints and reach global audiences, according to a spokesman of the country’s Film Corporation.