On May 23, the Nigerian government signed a three-year agreement with Developing Africa Group, a software business to establish a national wallet and an IP exchange marketplace. According to sources, the wallet would allow for the international commercialisation of any IP form developed and registered in Nigeria. The Nigerian government will provide a grant to the Developing Africa Group to help them develop an official forum for IP rights as part of this agreement.
Nigerians will be able to upload any type of IP rights and trade, sell, or swap them on the site. They will get royalties and earnings from their activities as a result of this.For music, lyrics, films, shows, lectures, podcasts, and streamable material, the agreement covers intellectual property rights such as trademarks, patents, and copyrights. Developing Africa Group, a software company specialising in smart contracts and blockchain technology, was chosen to provide the project’s tokenization and payment engine. The Nigerian government gave its consent to this decision. The project is still in its infancy.
Executives from the aforementioned firms, on the other hand, affirmed that it would debut before January 2023. Nigeria, on the other hand, continues to establish itself as a crypto leaderThe country debuted eNaira, the central bank’s digital currency (CBDC), in October of last year. Nigeria became the first African country to issue a digital version of its money with this debut.
Ben Oguntala, the CEO of Developing Africa Group, praised Algorand, remarked:
“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 will also be in charge of developing the wallet, the token for the on-sale IP, and a stable token with the same value as the Naira.The firm will also be in charge of linking the system to other vendors. Among them are a well-known card issuer, a multimedia streaming platform, and major legal and data-mining firms. The identities of the relevant partners will be announced before the initiative goes live.
On the Algorand blockchain, the platform will employ a proof-of-stake consensus process. Algorand will support all tokens. Developing Africa Group, according to Koibanx CEO Leo Elduayen, has accomplished tremendous success. Although Koibanx was in charge of the Chivo wallet’s deployment in El Salvador, Elduayen believes the Nigerian IPR Wallet idea is more important. This initiative, he believes, has the potential to affect the lives of nearly 50 million individuals.
