Cryptocurrencies have been consistently growing into virtual currencies that appeal to many. Their decentralized nature and transaction security give consumers advantages. The existence of blockchain offers new ways for consumers to transact online.
Many industries are starting to use crypto for their products, including the entertainment industry. In fact, the entertainment industry has been using cryptocurrencies for a while. Here are the roles that cryptocurrencies hold in the entertainment sector so far.
The Gaming Market
Although crypto use is widespread, the gaming industry’s implementation of cryptocurrencies is one of the most noticeable. Not only for video games but VR products have also implemented cryptocurrencies into their virtual world.
One of the simplest examples is the presence of crypto casinos and bookmakers. For example, Bitcasino is a crypto casino that offers players the Bitcasino token. The operator accepts various cryptocurrencies, offering fast and convenient transactions to users.
Betting sites and crypto casinos aren’t the only gaming markets that use cryptocurrencies. Many game developers have joined in and integrated blockchain into their products. The result is games with unique and valuable digital assets. These assets are flexible, as players can own, sell, and trade their assets using cryptocurrency.
These virtual in-game items range from rare character skins to one-of-a-kind weapons. Players can then buy these assets using their cryptocurrencies or sell the ones they have. In short, implementing blockchain technology gives players full ownership of their in-game items. Blockchain technology and cryptocurrencies allow players to monetize their assets and gaming skills.
The Music Industry
Although it isn’t as apparent as the gaming market, the music industry has also embraced cryptocurrencies into their market. Small artists needing exposure and funding must be creative in monetizing their works. Some also focus on reaching larger pools of audiences.
To give artists more opportunities, many blockchain-powered platforms have emerged to help artists distribute and earn. Music platforms with blockchain erase traditional limitations, allowing artists to connect with audiences worldwide. Tokenization of music assets opens possibilities. It’s advantageous for artists and fans who want to support their favorite artists.
Streaming platforms that have embraced cryptocurrencies tend to reward users with crypto tokens after they listen to their chosen music. Some also reward players who listen to new artists or share their playlists with a friend.
When users receive tokens from these platforms, they can exchange what they’ve received with concert tickets, merchandise, and even exclusive content. This is an attractive system, not only for fans but also for artists who are trying to get more exposure and funds for their music.
The Film Industry
Cryptocurrencies and blockchain in the film industry are another adoption of technology that isn’t as public as the other entertainment markets. Like in the music industry, film productions can monetize their products using blockchain to raise funding. They can also facilitate transparent financing to ensure each contribution reaches the right destination.
Blockchain appeals to the film industry as it’s a robust tool against piracy. Virtual currencies can secure intellectual property rights and prevent unauthorized distribution. These qualities are crucial to the film industry, which is vulnerable to threats. Film production companies can tokenize their film rights and further democratize the industry.
Future Trends
Cryptocurrency implementations in the entertainment markets are still relatively new. Blockchain and crypto are still growing consistently, so there are many possibilities for new opportunities as both technologies evolve and improve.
The closest prediction for the upcoming crypto trends is their integrations into virtual reality (VR) and augmented reality (AR). Both products are still developing, so it’s safe to expect further tokenization of intellectual properties for the two gadgets. The release of decentralized autonomous organizations (DAOs) is changing how content is created and distributed. This is still the beginning of crypto implementations in the entertainment industry.
