In a move that is expected to bring a tec(h)tonic shift in the way how film business is being done in India. Technology entrepreneur Senthil Nayagam and Film Producer & Movie Business consultant G K Tirunavukarasu have joined together to float Oracle Movies, which would be the India's first NFT Movie Market Place.
'Non-fungible Token', shortly NFT, allows film producers and companies to buy and sell movie rights through advanced and secure block chain technology.
NFT is unique and can’t be replaced with something else. Thus, it prevents malpractices and offers a safe and secure environment to stakeholders.
Initially, Oracle Movies will provide its services to Tamil, Telugu, Malayalam, Kannada, Hindi and English films producers and IP rights holder.
‘‘Content is the KING...OTT platforms are in search for right content for there Platform and Producers are search for the right platform to place/Sell there content. We are here to bridge the gap. Producers knowing or unknowingly are selling there content Outright. We would like to open them all available channel to sell there content. Our Platform would help them in getting them the right price and business place for there content’’ Says Vijay Dingari, COO Oracle movies
The services will be soon expanded in other languages across the country.
Oracle Movies will take the business of Indian movies to a traditional Global Market and to new un heralded and unexplored markets and also bring the international films for release, dubbing and remakes to Indian market.
With NFTs, any asset (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 does 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.
They are bringing global best practices in film production, distribution, collection management to Indian Cinema.
OracleMovies will integrate RBI's Central Bank Digital Currency, DigitalRupee when it launches later this year in their Blockchain Application Platform.
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, Media Professional with 15+ years of experience in the industry and specialised in Radio, Television, Events and Film. A movie producer and consultant, he is the co-founder and director of OracleMovies
OracleMovies has five advisors:
Kamesh Elangovan, co-founder and COO, GuardianLink.io (they recently raised 12 million dollar funding after successfully launching Amitabh Bachchan NFT);
Bharath MS, founder KRIA Law & senior IP strategist, who has won several path breaking cases in film, movies and trademark related and works with several high profile movie artists and movie production houses;
Venkatesh Srinivasan, CEO, Nexus Consulting, who works with multiple TV channels and film production houses providing authentic data for historic content, sports etc;
Sriram, Founder and Managing Director of Contus, and operates GudSho, a new generation OTT platform.
P Ranganathan, Film Producer & Distributor, 25+ years of experience in content aquisition & syndication who recently signed up with #Bahubali #RRR writer Vijayendra Prasad garu.. for his next project.