NuGenesis Signs major contract to deliver on much discussed, Hollywood MPSC Platform (Multimedia and Product Service Coin).
Want to own an NFT that not only gives you royalties but also gives you bragging rights, giving you the opportunity to own a piece of your favorite movie scene with rights and conditions attached? Taking smart contracts to a completely new level, while simplifying the NFT procurement and ownership process?
Thanks to a partnership between NuGenesis and Iggy Kos.
Soon, you might be able to.
NFTs have become the new craze globally. Smart contracts and NFT’s have been gaining traction in Hollywood and the music industry. Bringing life to intellectual property ownership. Through NFTs and smart contracts, a perfect system of movie capital raising, Intellectual Property securement and royalty distribution is on the forefront. Unfortunately, due to the limitations of current smart contract deployment and NFT designs, major players have not yet tapped into the vast scalability of Intellectual Property ownership, royalty distribution and transfer, through blockchain technology.
With a $115 billion movie industry, it only makes sense that blockchain technology and advance smart contract protocols be the future of Royalties and intellectual property Ownership. Just picture your favorite scene from a movie, picture an NFT which gave you rights over that scene with lifetime royalties or bragging rights.
There has yet to be the perfect combination of technology and people. Until the combined Resources of Iggy Kos and the Team of NuGenesis agreed to utilize the NuGenesis Smart Chains and Digital Notarized Contracts, to efficiently build the words first intellectual ownership blockchain, utilizing NFT and Advance Smart Contract protocols to create close to gasless NFTs that have contractual conditions attached.
The multimedia and product service coin will lead the industry in product placement, royalty allocation, scene ownership and all forms of NFT trading. With less than 6 months from its first prototype, The MPSC chain shows promising adaptation across the entire industry. With ambition of becoming one of the world’s largest NFT aggregators. Better still, its top priority is shaking up the movie industry, a sector that commands global revenues of more than $115 billion.
In a recent interview with CEO Hussein Faraj, when asked what made this project unique, he said:
“With only 5 initial NuChain grants and slots available, this project was strategically chosen due to its complexity, Not the complexity of scope of work, but in the technological requirements, to make it successful.
To successfully make the merge of blockchain technology and smart contracts able to deliver the perfect Intellectual property rights system, combined with the ability to sell, trade, and transfer such rights, requires a much greater level of smart contracts.
NuGenesis Digital Notarized contracts are perfect for such a use case. NuGenesis Smart Contract chain is currently deployed on mainnet and is fully operational. Combining the smart contract chain with the Digital Notarized chain will showcase the ability for blockchain technology, to successfully answer the calls of enterprise and intellectual property ownership.”
The business case for movie NFTs
It’s a well-documented fact that 2020, and most of 2021 so far has been an exceedingly trying time for the entertainment industry. Plans to film new blockbusters have been hit hard by the coronavirus pandemic — and to make matters worse, many cinemas were forced to close their doors for many months because of lockdown restrictions.
NFTs are a way of enhancing fan engagement — enabling them to own a piece of a film’s history. Better still, this helps unlock new and much-needed revenue streams for content creators, product placers, film capital raising and intellectual property ownership. Stage one of the projects has already been built on the NuGenesis Smart Chain and is currently live on the mainnet. The marketplace is designed to be content friendly allowing everything from photos, scanned prints, digital images to video to 3D supported. Independent filmmakers will also be able to produce their own NFTs, and MOVE’s infrastructure at close to no cost to them. The NuGenesis Network is close to gasless and is also able to take direct fiat payments through PayPal.
One thing that arguably has been holding nonfungible tokens back from mainstream adoption has been the fact that they’re non commercially functional. There current utilization of smart contracts and NFT’s are limited in their capacity. Smart contracts were not designed for such application. Unlike NuGenesis Notarized contracts. With the world oh physical, merging with the world of digital, Virtual Collectables have become as, if not more in demand, then physical. With the ability to deploy the NFT utilising NuGenesis NFT Display protocols, it means you can hand your NFT on your wall at home, at the office or in your safe. With contractual ownership safeguarded through blockchain technology.
NuGenesis Smart platforms are being upgraded to couple digital NFTs with physical items. CTO Luay Mohsen said:
“The aspect of asset digitalisation, is the core reason we designed, the digitalise notarised Contracts and tokens. It is also factored into our Nu Ledger hard wallet and digital display.”