Are you among those wondering how crypto has changed things in the digital entertainment industry? Then this is the right article for you. Over the last decade, crypto has left a tremendous impact on digital platforms, with many sites opening up to this fascinating technology. But what do things look like in the digital entertainment industry?
With crypto offering secure transactions, global accessibility, and anonymity, who wouldn’t want to take advantage of such tech? This article will take you through a journey of how this technology has impacted various entertainment industry sectors, like esports gaming sites, online casinos, and even movie production companies.
Secure Transactions
We can all agree that transitioning to online platforms brought tremendous shifts in the entertainment industry. For instance, it’s now possible to access a variety of game offerings such as online slots real money games any place, any time. Crypto is another trend that has been taking the industry by storm.
According to TechReport, the crypto iGaming market increased from $37 billion to $70 billion in the last four years and is expected to reach $150 billion in 2030. Part of why many people are turning to this technology is its secure blockchain framework, which decentralizes authority. Besides decentralization, blockchain uses consensus and cryptographic mechanisms to create tamper-proof and immutable records of transactions.
The consensus mechanism ensures that miners and network participants can agree on whether or not the transactions recorded on a block are valid. Once the block is full, the infrastructure seals and links it to a previous block using a cryptographic code. This way, you can always be sure that your financial details are secure, which is important in a world where cybersecurity threats have become a norm.
Crypto in Esports
About twenty years ago, geographical barriers were a great challenge for companies that sought to have a global following. Plus, challenges like not having access to banking services only added to the burden. With crypto, however, things have changed. Even if you do not have a bank account, you don’t have to worry about paying for entertainment on a global platform. This is a plus, especially for esports companies, as they can use cryptocurrency to attract broader audiences.
Some of the most popular esports games, like Axie Infinity, allow players to earn cryptocurrencies while playing Pokemon-style games. The game is designed for you to play using a crypto wallet compatible with the game’s Ethereum platform. For those seeking nostalgic experiences like those of the popular Snake game, Crazy Snakes has you covered. It allows you to collect and breed NFT snakes, which you can use in numerous game modes.
Crypto Financing in the Movie Industry
One of the great benefits of blockchain is the possibility of tokenizing real-world assets. This is only good news for investors in the film industry because, in the past, there were great barriers to entry as you would need large amounts of contributions to invest. And what does it mean for you as an investor where there are lower barriers? An opportunity to diversify your investments. On the flip side of the coin, the asset owner can tap into a wide variety of investors.
A good example of a movie that used this technology is Zero Contact – it was actually the first movie to be released via an NFT platform. Although the movie has yet to receive significant reviews on platforms such as Rotten Tomatoes, critics, including Rich Cross of Starburst, have commended it for its high techno-thriller concept. Stoner Cats, an animated series written by Mila Kunis and Ashton Kutcher, is another production that used NFTs for both financing and distribution.
There is More for Music Fans
Music streaming giants such as Spotify have also embraced digital currencies into their systems. Spotify allows you to use Bitpay to buy gift cards for your loved ones. Its crypto music feature lets you purchase products, including albums, singles, artworks, t-shirts, etc.
Tokenization also increases fan interaction and engagement with the product through music NFTs. Imagine using tokens to vote, access exclusive content, merchandise discounts, etc.
Let’s consider the King of Leones, an Indies rock band, as an example. The band became the first to distribute a new album via NFTs involving three types of tokens: a live show, audiovisual, and special album packages. By 2021, the album had received over $2 million in sales.
What Does the Future Look Like?
It’s clear enough that crypto has brought great changes to our contemporary lives and might continue doing so in the days to come. SkyQuest Technology suggests that the blockchain market will grow to reach $842.24 billion by 2031, with crypto gambling being one of the leading industries.
With the world advancing to better and more efficient technology, you can only expect the digital entertainment industry to do the same. After all, better technology means easier and faster ways of doing things – business, communication, and even having fun. And who ever thought that cryptocurrency would make life not only easier but more fun? Since innovation has yet to reach its full potential, we can only imagine what the future holds for cryptocurrency in digital entertainment.
