Express press service
CHENNAI: Creative and commercial arts, fashion, media, games, sports… there has been a significant increase in the penetration of NFTs (non-fungible tokens) in almost every industry since the pandemic. The latest sector to take a bite is Indian cinema, with recent movies like “83” and “Kurup” posting their posters and videos on the NFT market. Even actor Kamal Haasan teamed up with a licensed online collection platform to launch his digital avatars last November. Oracle Movies is harnessing this growing attention that digital assets are receiving and putting it to good use in the realm of the moviemaking market. Launched earlier this year, the Chennai-based platform claims to be the first of its kind in the country.
A promising start
Founded by entrepreneur Senthil Nayagam and film producer GK Tirunavukarasu, the platform enables film producers and businesses to buy and sell film rights through advanced and secure blockchain technology. It ensures that movie rights are stored on a decentralized file system, giving the buyer true value and clearly traceable rights ownership via blockchain.
Highlighting its benefits, Tirunavukarasu explains, “There is no central agency that keeps track of film rights sold and the current system relies on paper contracts, which is not true for modern cinema. Creators also don’t know the law, their rights, or how the system works. This platform has three objectives: to transform the film industry from an unorganized sector into an organized sector, to encourage the economy of creators and to increase transparency. This way, creators will have a regular income and will have control over the rights they want to license for a specific period of time and will still own them.
The Indian film industry has gone through countless transformations since the first Indian film was released in 1913. Producers and creators have always encountered problems in the areas of assertion of ownership, improper recording protocol, tracking intellectual property rights, piracy, low profits from single-screen movies, issues with restoring content and more.
“The pandemic has exacerbated existing woes. Creators have suffered from unreleased movies, low profits and poor deals with OTT platforms. Despite this, the value of the Indian film industry in 2020 was 183 billion. With this platform, we can mitigate the financial risk involved between different stakeholders. It will be a conducive market for buyers to purchase films and a safe and secure environment for all stakeholders,” he explains.
In addition to offering an alternative revenue model, the platform has a list of issues it intends to address in the coming years. “Some of them are crowdfunding/crowdfunding to produce movies. Expand the market for regional language films to audiences in the subcontinent and Indian films of non-Indian origin across the world through dubbing, subtitling and appropriate promotions and access. Bring content analytics and revenue share calculations to content creators. Introduce workable systems and processes for small producers to reduce the risk of copyright infringement and film piracy,” he explains.
Oracle Movies will soon integrate RBI’s central bank digital currency – DigitalRupee – when it launches later this year into its blockchain application platform.
“Now people know about NFT, its working model and the income it can bring. We have already received 500 film submissions so far. Our website is user-friendly and allows people to register with us to buy or sell the rights to the film. It has great potential and can be a sustainable business model if used wisely. We have signed up as NFT partners for a few upcoming films. Fans will also have the possibility of buying specific scenes from the films of their favorite heroes”, suggests Tirunavukarasu.
The platform currently provides its services to Tamil, Telugu, Malayalam, Kannada, Hindi and English film producers and intellectual property rights holders. It will soon be extended to other languages across the country.
For more details visit: oraclemovies.com