It has been over a decade since cryptocurrency and blockchain technology were introduced to the world. Cryptocurrency and blockchain technologies were received with mixed feelings, but over the years, as more people understood how they could change their everyday lives in terms of investment and simplifying various processes, they have increased in popularity and have been adopted in several industries, including health, finance, and entertainment, among others. In this article, we will look at how cryptocurrency and blockchain are being used in entertainment.
1. Content Monetization
Content providers can greatly benefit from blockchain-based transactions, where they can offer their content and services to users who can use microtransactions to process their payments, as they attract very low fees. This allows a user to, for example, buy a single song, buy a full novel or chapter, buy access rights to read an article, or download a single video.
Users will not be limited to the amount of content they want to buy, and content creators can make more money in this way. These peer-to-peer transactions eliminate the need for middlemen who would otherwise reduce their total earnings as they would also charge a fee for their services. And, with the current Bitcoin price in USD just under its recent all-time high of more than $70,000, those who accept payment for the work in BTC will find they are getting better value and making more than ever. The upcoming halving next month is expected to further drive up BTC’s price, making now the optimal time for artists to start accepting crypto payments for their work.
2. Crypto Casinos
This is one area that has been completely changed by cryptocurrency and blockchain technology bringing a lot of benefits to both players and operators alike. The use of blockchain technology has made it possible for online gambling to reach many players without being plagued by geographical boundaries and currency conversions. Users enjoy their game time and can process payments or make withdrawals without attracting huge transaction fees. The gambling platforms also keep their costs low, which enables them to offer their players more rewards and higher payouts as compared to ordinary casinos.
Crypto betting sites not only offer perks relating to digital money, but they also offer players a wide range of games in order to attract players from all around the world. On sites like these, players can choose from traditional games like blackjack, roulette, and slots, as well as new titles like video poker, and more. Crypto makes transacting at casinos more secure, as transactions are irreversible and securely recorded, but players should always check reviews and rankings before playing to ensure the site is genuine and is what it claims to be.
3. Blockchain Gaming
Besides online casinos, blockchain gaming is another area of the digital entertainment market that has seen positive change through the adoption of cryptocurrency. The public ledger used by blockchain games makes every transaction transparent, increasing trust between players and service providers. Players can earn non-fungible tokens and exchange them for in-game assets, which they can sell or trade among peers.
4. Copyright Protection
The entertainment industry has been especially disadvantaged by digitization, as it has seen a rise in piracy, where content is copied and distributed without losing its original quality. The person who makes money from this is the illegal distributor of pirated content, which leads to the industry losing millions of dollars. Blockchain technology can keep track of whenever copyrighted content has been viewed, downloaded, or shared, enabling creators to get their well-deserved dues.
5. Royalty Management and Payments
Content creators are being shortchanged for their hard work through the existing royalty management system. Everyone else, from content owners to distributors, is making money except for the creators themselves. If they do make money, it will be a fraction of what they should be paid because there is no way of keeping track of the actual content sold. The blockchain eliminates this problem by using smart contracts to split costs and earnings among all stakeholders, which will reduce any lag time between user payment and the artist’s acknowledgment of receipt to nearly zero.
6. Retained Ownership
Blockchain technology has redefined how creators and artists manage their work. This covers how they distribute, earn, and protect their hard work from industry vultures. Through the use of blockchain, creators can maintain full control of their work and eliminate intermediaries. They can upload their work directly onto the blockchain and monitor every transaction that takes place in real-time, earning appropriately as content is accessed.
Blockchain in media, advertising, and entertainment market size is expected to grow at a CAGR of 78.49% from USD 0.84 billion in 2023 to USD 15.29 billion by 2028, meaning that more people are expected to embrace the use of these technologies in the said industries. More industry stakeholders need to adopt the technology so that they reap the many benefits.
Conclusion
Cryptocurrency and blockchain technology are changing the entertainment industry for the better by offering many benefits, which include allowing new ways in which content can be distributed and monetized, among others. As the adoption of these technologies continues to grow, more changes are expected, which will benefit both content creators and users alike.
Source: Cosmo Politian
