The Federal Government has secured a three-year exclusive Intellectual Property Right (IPR) deal with Developing Africa Group (DAG). With the newly-secured agreement with DAG, Nigerian photographers, actors, and other creators can now sell their registered Intellectual Property (IP) for royalties and proceeds.
This agreement would see Nigeria develop its official platform and launch a nationwide wallet where people upload any form of IP rights; sell or exchange them abroad while collecting royalties and proceeds in digital tokens or cryptocurrencies.
According to reports, the agreement covers trademarks, patents, and copyrights such as songs, lyrics, videos, shows, lectures, podcasts, and all forms of streamable content created and registered within the country.
This development came up two weeks after the Securities and Exchange Commission (SEC) released its long-awaited Digital Asset regulation to guide how digital assets such as cryptocurrencies are regulated in the country.
DAG CEO Ben Oguntala said the IP platform would be built on the Algorand Blockchain, which provides the performance, scalability, security, and functionality required to implement such a large-scale project but is also environment-friendly.
He further revealed that they selected an Argentina-based software company, Koibanx, as the tokenisation and payments engine for the platform.