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Ways That Crypto and Blockchain Can Revolutionize Entertainment

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By , Updated On March 13, 2024

Ways That Crypto and Blockchain Can Revolutionize Entertainment – The entertainment industry is worth billions of dollars in the US, and the rest of the world, every single year. Cryptocurrency has already been making waves, especially as some people now see it as something they can use in day-to-day life rather than being an investment to hold onto in an account for a long time. 

People have woken up to how these technologies can change industries besides banking. Since Bitcoin was launched, it has had a big impact on entertainment and has become an alternative method of payment, but in some industries, it is no longer “alternative” as much as one of the main options. 

The Potential of Crypto and Blockchain

So what are some of the methods in which blockchain and crypto can change these established industries? The embracing of blockchain is due to numerous benefits and the fact that it makes certain systems more secure.

  • Blockchain and crypto can cut out the middleman. They are the very definition of peer-to-peer and can reduce the chances for eros in the system, making things like payments and the transfer of assets more straightforward. We’ve already seen this with crypto and the way that this moves money more quickly and efficiently.
  • Blockchain enables a public ledger and the facility to process a lot of data and transactions, and this changes the way things work for some industries. For example, it could be a really efficient way for people to track royalty payments and the use of music and films to distribute royalty payments.

Crypto Has Already Changed the Gambling Industry

Statistics about the impact of cryptocurrencies on the gambling industry show the immense growth in this field. Some studies now say that the majority of all Bitcoin transactions involve gambling in some way.

We’ve seen the industry react to cryptocurrency, and though there are a lot of companies that have shifted from traditional currency to crypto for sports betting. But it is the online casino industry that has totally changed, and there are even changes in the mechanics behind some of the games, and new slots and table games that are focused around cryptocurrency with themes such as stock markets. The game’s mechanics can be different when compared to traditional currency slot games. 

It is easy to see why these changes have been made and the benefits for the gambling company customer are clear. Players who use cryptocurrency benefit from a number of different benefits, including much faster transactions than some other methods. The fact that the crypto payments are direct and don’t need a middleman like a bank means that the whole system is faster. There is also a public ledger which helps with transparency, and many people find this to be more convenient when dealing with finances. 

Blockchain is also being seen in the gambling and gaming industries, with NFTs playing a big part, and working their way into some modern games, such as Axie Infinity which uses Ethereum as its in-game economy mechanic and gives players the chance to trade NFTs.

Blockchain Could Stamp Out Film and Music Piracy

In the film and music industry, estimates say that around $30 billion is lost to piracy each year, and GDP reduction is a higher figure (as much as $115.3 billion) due to these piracy methods. 

These industries are looking to protect their revenues and blockchain technology, including distributed ledger technology, is a tailor-made way to prevent this piracy and unwanted sharing of files.

Digital watermarks can be used along with the ledger to track whether the rights have been paid for and whether customers obtained the files in the proper way, making it harder for people to access pirated copies of things. 

This also extends to rights management and royalties, as the facility to build huge public ledgers across P2P platforms makes it easier to know when songs have been used, for instance, on the radio. 

Blockchain promises to provide more transparency all around, good news for content creators big and small.

Other Ways Blockchain Will Revolutionize Entertainment

We’ve already seen blockchain enabling people to connect with fans and offer new products in innovative ways. Many musicians have released NFTs, as a way to give their fans something unique, and people like Steve Aoki and Grimes have made high-profile NFT products that customers have loved.

Besides gambling, other industries are also embracing crypto payments, and the huge chain of theaters, AMC Entertainment, has started taking payment in Bitcoin, Ethereum, and Litecoin to allow their customers more choice.

In reality, we’ve only just started to understand the cryptocurrency benefits and blockchain impact on the industry, and though there are loads of ways that they have already made a difference, there’ll be twists and turns on this road that show new and innovative uses of the technology and P2P nature of blockchain. This revolution is truly underway.