Blockchain is the ‘word of mouth’ today. The idea behind decentralization has been pushed greatly and accepted by many.
Besides, the rate at which decentralization and Blockchain reform industries are unmatched. What began as a revolution in finance and banking is a reality for several organizations, businesses, and industries today.
However, among the most unusual industries cryptocurrency has been reforming lately, did you ever think of the entertainment industry as one?
Yes, cryptocurrency is reforming the entertainment industry. Continue reading as we explore how and the different benefits of settling for digital assets.
How Is Blockchain Reforming The Entertainment Industry?
Technology is ever-adapting, and several sectors are establishing strategies to guarantee the reality of their future. Besides, with the emergence of new technologies, it’s important to keep up with the latest trends to ensure your business keeps up with its customer experience.
Technologies like Blockchain and cryptos have helped find answers to some of the most pressing matters in the industry. So let’s check them out in the section below:
- Cryptos tackle copyright piracy: It is common knowledge that the entertainment business is plagued by piracy. The use of fraudulent copies costs the entertainment industry an estimated $71 million every year.
This is where cryptos act as a safety net. They allow creators and artists to digitize the metadata of their content and store the IP rights on an immutable ledger. This way, the data stays secure with the owner, and the entire copyright scenario is eliminated.
- Enables secure payments: Consumer payments are one area where the entertainment industry has adapted to cryptocurrencies with great interest. Today, cryptos are utilized as a safe means of payment for several streaming channels, specifically for a faster, more secure, and safer way to pay online.
- It promotes an equal playing field: Independent filmmakers now have better access to finance and start-up capital thanks to cryptocurrency funding. Due to the improved openness of the process, the usage of cryptocurrencies minimizes risk for both professional investors and crowdfunding platforms.
If individuals always know where their money is, they will be more inclined to contribute. In the meantime, it has become simpler to invest directly in a work of art thanks to the growth of NFTs enabled by blockchain.
Now that you know how to, let’s check out the different areas where cryptocurrency innovates the entertainment industry.
Film Entertainment Industry
Streaming and video-on-demand services are continuously expanding. As a result, it gives filmmakers additional chances to connect with people online. In addition, blockchain is a new technology that may open more potential for content producers.
With the use of Blockchain technology in the film industry, the audience now has the option to use crypto tokens like Bitcoin and Ethereum for payments. Besides, the fact that Blockchain stores data in an immutable ledger eliminates copyright piracy which is the greatest pain point for the industry.
Adult Entertainment Industry
Without a doubt, the adult entertainment sector drives the adoption of cryptocurrencies. There are several appropriate uses for cryptocurrency. However, one of its main applications is getting over censorship or government rules.
The government continues to ban and regulate the adult entertainment sector. While the censorship attempts are failing, adult entertainment websites are struggling due to high taxes, stringent regulations, and outright prohibitions in certain nations.
This is where crypto enters as an alternative form of decentralized currency. This way, these websites can avoid the hurdles they generally follow under a centralized government server.
Video Games Industry
Cryptocurrencies are causing a stir in the world of video games. Long gone is the age of paid gaming, so we have the P2E model, where gaming companies compensate their players in the form of cryptos. This way, gaming has become a profession that is open to everybody. Today, the P2E gaming industry allows people to earn their living via online gaming and streaming.
Or, you could also be using these crypto rewards to level up your gaming experience. Today, we have platforms like Coingate that allow you to swap your crypto winnings for gift cards of several online games like Minecraft, PS+ Subscription, and Fifa 23, among others.
Adding to it, Blockchain technology is also being used by several games to store user data or conduct platform transactions. As a result, programmers may produce “immutable records” of all gaming occurrences. This way, users can utilize it for various objectives, such as security and transparency.
The Future Of Entertainment Industry Is Here!
The onset of cryptocurrency and the concept of decentralization is reforming operations like never before. With so many industries already enjoying the transformation, which sector do you think would be next?