The Nigerian government has entered into an exclusive agreement with a UK-based software company, Developing Africa Group, to create a wallet that permits individuals to commercialize different types of intellectual property internationally.
Developing Africa Group has been granted a 3-year exclusive IPR (intellectual property rights) agreement to create an ecosystem for Nigerians to publish their IP rights and get them internationally recognized, trade, sell, or exchange them globally. This agreement aims to ensure Nigerian creators can easily access their legally earned royalties in their wallets.
To help build the platform, The Developing Africa Group obtained permission from the government to employ the services of Koibanx. Koibanx is an asset tokenization firm based in Latin America, and its technology will be utilized in developing the project. Koibanx looks to build the platform’s architecture on the Algorand blockchain.
Ben Oguntala, CEO of Developing Africa Group, stated,
“All tokens will be launched on top of the Algorand Blockchain. 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. ”
The Federal Government signed a Memorandum of Understanding (MoU) with the Developing Africa Group, and Otunba Adebayo, the Minister of Industry, Trade, and Investment, believed it would reduce the “trade challenges facing Nigeria and create jobs.”
According to the Minister, who was represented by Shafiu Yauri, the Registrar, Trademark,
“Since trademarks are crucial to the promotion of trade and economic development, and Nigeria happens to be one of the strongest regional hubs of trade in Africa, being the continent’s biggest economy, it is no surprise that it has attracted the world’s IP governing body in Abuja, as Nigeria hosted one of the only two World Intellectual Property Offices (WIPO) in Africa; the other is hosted in Algiers, Algeria. This project would assist the Registry of Trademarks in the effective administration and enforcement of trademark rights in Nigeria. “
Using the wallet seems seamless, according to a tweet by Leo Elduayen, co-founder and CEO of Koibanx. “Download wallet. Sign up. Verify ID. Upload your IP creation digitally (song/trademark/video/illustration). We get it properly registered for you at the National Registrar’s office. We publish it in international integrated marketplaces. You get your royalties paid in your wallet. “
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools”
