The Blockchain initiative, announced by the government of Nigeria, to launch a national wallet to facilitate and enhance the international marketing of artists local, continues to add strategic allies. The launch announced in May, which already has the participation of Koibanx when it comes to asset tokenization; and Algorand, Blockchain on which it will be built, incorporates MetaMap and Zenith Bank. This is how they informed Cointelegraph en Español through a statement.
MetaMap was selected to facilitate registration, validate identity and guarantee the authentication of users using the platform.
Ogo Onwuzurike, Africa Sales Director for MetaMap reported: “MetaMap is happy to work with the Nigerian government to launch Alke. This is an important effort to empower a new generation of young Nigerian creators to make a living from their art. To be successful, creators must be able to trust the system, which requires the platform to reliably and securely link their earnings to their identity. We’re proud to leverage Alke’s identity verification technology to ensure these talented artists can feel safe participating in this groundbreaking effort, as they seek to offer their art through new technologies, into the metaverse and beyond.”.
For its part, Zenith Bank will be responsible for issuing the prepaid cards that can be used to make transactions from the wallet.
These agreements will provide much of the foundation for the platform. The royalties and/or income that Nigerian artists receive as a product of publishing their creations on international exchange platforms will be directly deposited in their wallets. and users will be able to spend this balance by scanning QR codes or through the issued cards.
Leo Elduayen, CEO and co-founder of Koibanx, added: “Since we started with the implementation of Alke, already 3 months ago, the interest and support that it has received both from the community of artists, crypto enthusiasts and the government team, through Developing Africa Group, has been remarkable. Alke represents a new opportunity for the Nigerian youth community that to date did not have an appropriate mechanism to really nurture and grow from their creative talent.”.
Nigeria Innovates
The government of Nigeria signed an exclusive 3-year IPR (Intellectual Property Law) agreement in May with “Developing Africa Group” to launch a national wallet that will allow the international marketing of all forms of intellectual property that are created and registered within the country, both locally and internationally. In this context, DPI’s exclusivity agreement consists of the government awarding Developing Africa Group the construction of the country’s official platform for its people can upload any form of IP and trade, sell or exchange them abroad, while collecting royalties and income from these operations in their wallets.
The PI forms reached by the agreement mentioned above include trademarks, patents and all kinds of copyrightsuch as songs, lyrics, videos, shows, conferences, podcasts and all forms of content that can be streamed.
Ben Oguntala, CEO of Developing Africa Group stated: “Our collaboration with Koibanx, Algorand and Metamap shows the extent to which international organizations are interested in developing Nigeria’s intellectual property rights with the most advanced technology delivered into the hands of Nigerians.”.
Developing Africa Group in turn chose Koibanx, with the approval of the Government, as the tokenization and payments engine to be used in the country and “Algorand Blockchain” as the protocol on which it will run. Koibanx will be in charge of implementing the wallet, the token for both the IP that is sold and the stable token (equivalent to Naira, the official currency of Nigeria) to pay the creators, in addition to the general technical integration of the different providers in game, which include one of the world’s leading card issuers, a streaming platform, and major legal and data mining firms, to be announced ahead of the launch date.
Oguntala concluded: “The result for Nigeria’s more than 200 million people is a leap forward in technological innovation. Metamap’s identity solution will enable the world to begin to distinguish a good Nigerian (with a portfolio of intellectual property rights) from a bad Nigerian (involved in fraud) and build trust. Powered by the Koibanx digital wallet and Algorand blockchain, this solution will herald the new era of meritocracy in Africa, enabling Nigerians to use their talents to lift themselves out of poverty, achieving the deepest mass empowerment in the country. throughout its history”.
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