According to a tweet by Koibanx, Nigeria is launching the biggest Crypto project in the world which is the Nigeria IPR project.
It is said that The Nigerian government has signed a 3years exclusive Intellectual Property Right (IPR) agreement with Developing Africa Group to launch a nationwide wallet (we haven’t heard a corroborating statement from the Nigerian government yet).
The wallet will enable the international commercialization of all Intellectual Property forms being created and registered within Nigeria, both locally and internationally.
Nigeria government and Blockchain technology
After 15months of the CBN directive to commercial banks which nullifies the engagement of commercial banks in any digital asset transaction and outright blocking of any account with traces of trading cryptocurrency, Nigeria is now making history in the Crypto and Blockchain adoption.
This month, SEC releases Crypto Assets rules to regulate Nigeria’s Crypto market. Also, the Central Bank of Nigeria was among the 23 African Central Banks that met at El Salvador to discuss Bitcoin.
The Central Bank of Nigeria through the Delta State Branch Controller admonished Nigerians to embrace e-Naira as paper currency will soon be removed from circulation.
Now we have the Nigeria IPR project.
First IPR project in Africa
According to the agreement, Developing Africa Group will build Nigeria’s official platform for Nigerians to be able to upload any form of Intellectual Property rights, trade, sell or exchange them anywhere in the world while collecting royalties and proceeds of these operations in their wallets.
Intellectual property forms reached by the agreement include trademarks, patents and all forms of copyright such as songs, lyrics, videos, shoes, lectures, podcasts and all forms of streamable contents.
It should be noted that Developing Africa Group made a tweet on 31st March, 2022 featuring Nigeria’s Trade Minister, Otunba Adebayo on BBC Podcasts on his foresight to initiate Nigeria IPR project which is Africa’s first IPR commercialisation project.
The Developing Africa Group has chosen Koibanx, with government approval, as the tokenization and payment engine to be utilised while the protocol will be built on Algorand Blockchain.
Koibanx, the leading Latin America asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet, the token both for the Intellectual Property being sold and stable token (equivalent to the Naira).
The stable coin will be used to pay the creators in addition to the overall technical integration of different vendors which includes one of the top card issuing companies worldwide, a content streaming platform and top firms in both legal and data mining.
All of which will be announced before the launch date which will be before January 2023.
“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” stated Ben Oguntala, CEO of Developing Africa Group.
According to Leo Elduayen, Koibanx´s CEO;
“What the Developing Africa Group has achieved is truly amazing. The Nigerian IPR Wallet is probably the largest crypto project world-wide. When we took El Salvador´s challenge (Koibanx also managed Chivo´s Lightning Network implementation) we impacted the life of millions of citizens, after this experience we embarked on the Colombian government platform handling tens of millions…I believe this initiative could change the life of +50M people easily. Since we launched Koibanx back in 2015 we were convinced Blockchain tech and cryptocurrencies were the foundational building blocks for economic development in emerging markets, being able to have an active part in how is happening is definitely a privilege”
Other notable projects coming up on Algorand blockchain
Crypto Smart, Africa’s No 1 Asset management company, is set to launch one of its blockchain products, Bitsave Protocol, on Algorand blockchain, watch this interview on CryptoTv+ as miss Karla Obakpolor throws some insight on how the Bitsave Protocol works.
Also Fifa announced Algorand blockchain as its official partner for blockchain solutions and the Regional sponsor of FIFA World Cup 2022.
According to Karla Obakpolor, Founder of Crypto Smart;
“Bitsave protocol, which is a SaveFi protocol, will be built on Algorand blockchain and is being patented and trademarked before the Crypto Smart team goes public with the product.”
Karla Obakpolor has also highlighted some benefits to this IP developments in NFTs, Patenting process and more. She also highlighted some concerns as to this new development.