In a move aimed at bringing about a paradigm shift in the way film business is conducted in India, a technology entrepreneur and a movie business consultant have paired up to establish Oracle Movies - India's first NFT movie marketplace.
NFT, short for Non-Fungible Token, allows film producers and companies to buy and sell movie rights through advanced and secure blockchain technology.
Initially, Oracle Movies will provide its services to Tamil, Telugu, Malayalam, Kannada, Hindi and English film producers and IP rights holders, the promoters said.
Thereafter, the services will be extended to other languages across the country.
Oracle Movies will take the business of Indian movies to the traditional global markets as well as new and unexplored markets. It will also bring international films for release, dubbing and remakes to the Indian market.
Since NFT is unique and can't be replaced with something else, it helps prevent malpractices while offering a safe and secure environment to stakeholders.
With NFTs, any asset, either physical or digital, can be "tokenised" and stored in a decentralised ledger known as blockchain to create a digital certificate of ownership that can be bought and sold.
Since the current system relies on paper contracts which do not hold good for modern cinema and there is no central agency that keeps track of movie rights sold, NFT comes in handy to address the huge gap and Oracle Movies will be the one-stop service provider.
Oracle Movies will integrate RBI's Central Bank Digital Currency, DigitalRupee when it launches later this year in their Blockchain Application Platform, the promoters explained.
Oracle Movies has been floated by technology entrepreneur Senthil Nayagam and film producer and movie business consultant G.K. Tirunavukarasu.
Senthil Nayagam has been working on open source technologies for over two decades. He had co-founded Sedin Technologies, a 16-year-old software service company employing hundreds of people, having offices in Chennai, Bangalore and Canada.
GK Tirunavukarasu is a Media Professional with over 15 years of experience in the industry and specialising in Radio, Television, Events and Film. A movie producer and consultant, he is the co-founder and director of Oracle Movies.
Kamesh Elangovan, co-founder and COO, GuardianLink.io who recently raised 12 million dollar funding after successfully launching Amitabh Bachchan's NFT, is one of the advisors to Oracle Movies.
Other advisory members include IP strategist Bharath MS, Venkatesh Srinivasan, CEO, Nexus Consulting, Sriram, Founder and Managing Director of Contus, and operates GudSho, a new generation OTT platform, and P Ranganathan, Film Producer & Distributor.
