It is an Indian platform through which films and their intellectual property rights can be bought, sold and traded using NFTs.
Day by day the NFT ecosystem continues to grow exponentially, as well as its use cases. In this case, for the commercialization of films and their rights through NFTs.
Origins of the Project
As can be seen through the official site, ProducerBazaar.com came about in a serendipitous manner, when two friends met during COVID-19 and made a decision to create an innovative business model to boost the Indian film industry, thanks to the benefits provided by blockchain technology.
Of those friends who came together to launch a completely innovative product, we can mention Senthil Nayagamwho holds the position of CTO and is also the CEO of Oracle Movies, and GK Tirunavukarasuthe current film producer of the project.
One of the reasons for the emergence of this project is the practical difficulties faced by Indian film creators in leveraging their intellectual property rights, as well as in monetizing their film content.
To this end, both agreed that the main concepts of the business are to preserve authentication and transparency, issues that can be understood by blockchain technology in a film exchange platform.
Thus, ProducerBazaar is developed by NCEPL (NFT Creator Economy Private Limited).NFT Creator Economy Private Limited) and OM (Oracle Movies). In this way, in 2022 they got initial funding from the Indian government, after being recognized as an Indian Startup in March of that year.
About the Platform
It is an NFT marketplace for buying, selling and trading of films and their Intellectual Property rights. Its main objective is to develop a sustainable income for creators in the Indian film industry.
Thus, on their website they emphasize the importance of the fact that the rights to films (Intellectual Property) are stored in a decentralized file system, thus providing the buyer with the value and ownership of the rights in a way that offers transparency and traceability thanks to blockchain technology.
On the other hand, you can find the platform’s strong points that characterize its services, such as the following: no surcharges or taxes for buyers, direct negotiation with sellers, and the possibility of closing a deal in as little as 15 days.
In December 2022, they were present at the DEMO DAY event, attended by various startup investors and entrepreneurs, where they exhibited a sample of their product and platform performance.
According to data provided by their website, at the time of writing this article they have incorporated more than 2,500 films, as well as the interest of more than 300 buyers and 400 sellers.
Team and Partners
In addition to the founders mentioned above, the following professionals are also involved:
* Vijay Dingari (Chief Operating Officer),
* Divya Dixit (Growth Consultant),
* Prabhu Govindan (Financial Advisor),
* P Ramakrishnan (Regional Head, Content),
* Supriya V (Operations Manager),
* Jeevitha Jayakumar (Asst. Manager).
Also, among the partners and collaborators of this project are VEL TECH, Better Invest, NFDC cinemas of India, KRIA LAW, GuardianLink, Styns Legal, among others.
Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.
IMPORTANT: NFTEXPRESS only publishes articles for informational purposes. Nothing herein contains the character of recommendation or promotion of any type of investment for the reader. Before making any kind of investment, it is recommended to consult with a specialist in the matter.