Up until now, there wasn’t much going on between cryptocurrency and the entertainment industry. If you saw something about digital money on the news, it mostly had to do with Bitcoin skyrocketing or crashing. Or you could’ve seen celebrities endorsing this new type of currency. However, recently the role of Bitcoin and other coins in the entertainment industry has started to increase. But why is that the case? And how much change can crypto bring into the sector? Let’s dive right into it.
What does blockchain offer?
Before we start talking about the impact crypto has on media and entertainment, we need to mention the tech behind it. Blockchain technology is a decentralized ledger that records the provenance of digital assets in a way that no one can change or hack the system.
For the entertainment industry, it’s most attractive feature are smart contracts. The way they work is that the transaction gets processed by the blockchain automatically when both parties have fulfilled everything agreed in the deal.
Applications in the entertainment industry
Digital currencies have already changed our everyday lives significantly. And they definitely did that when it comes to having fun.
Almost all aspects of the entertainment industry have been in some way affected by this new type of payment. We’ll discuss them one by one.
Gaming
The gaming world is a perfect opportunity for digital currencies. After all, the most common way players pay for in-game cosmetics and boosts is through the web. Sometimes, these payments aren’t processed right away. Plus, not everyone is comfortable with sharing their data online.
Both problems can be solved by using digital money. Crypto transactions are processed right away and you don’t have to input any sensitive data when in the check out phase. As long as you have a digital wallet, you can buy any in-game item you want with ease.
Not all games accept this new type of money yet but with the popularity of Bitcoin and others rising, we can expect to see them change their policies.
Another way crypto has affected the gaming industry is by launching an entirely new genre – crypto gaming. These games let players buy and sell in-game collectables and sell them for digital money. They’re constantly becoming more popular and it looks like there are crypto games for absolutely everyone from sports fans to Sci-Fi enthusiasts.
iGaming
Above, we talked about the impact crypto has had on the gaming industry. However, this new type of money has brought even more change to the world of online gambling.
When online casinos first became a thing, many people decided to continue playing in brick-and-mortar ones. That’s because they didn’t want to use their personal information when registering and transferring their winnings.
Casino operators were aware of this and they saw that blockchain can change this. Many online casinos have started accepting crypto as soon as it became more mainstream. That way, they can have players engage in their games without worrying about their sensitive info. If you want to see crypto in action, learning more about Bitcoin gambling is a great way to start.
Getting started with crypto gambling is easier than it seems. As long as you have some digital money and a wallet, you can simply Google search for cryptocurrency casinos. You’ll see a bunch of them that have games ready for players with digital cash.
Streaming services
Streaming services are slowly replacing traditional television and are gaining popularity every day. Many of them are looking to stay on top of the latest trends, meaning that they have to look at cryptocurrencies as well.
One of the streaming giants – AMC, has already announced that it will start accepting digital money by the end of 2021. The three currencies they’re looking to work with are Bitcoin Cash, Ethereum, and Litecoin.
The competition is stiff when it comes to streaming services and we can’t imagine other big names will be left behind. So, it shouldn’t surprise you if some of them start accepting crypto soon.
And since Bitcoin and similar currencies are extremely popular at the moment, they get a lot of attention in the media. You can just look at libraries of some of the popular services, and you’ll see a bunch of cryptocurrency documentary movies.
Music
Many musicians had to cancel their tours due to the COVID-19 pandemic. But that didn’t mean that they wouldn’t be able to find another way to continue working.
Tech experts have found a way to link this billion-dollar industry with cryptocurrencies through merch loyalty. Basically, what they do is let fans buy digital collectables and NFTs and support their favorite artists while doing so.
And since these things cannot be copied, when a fan buys a piece of art, they know it’s unique. This gives them a feeling of exclusivity, which is something that wasn’t an option in the music industry before.
So, using crypto in the music industry isn’t just another way of making money. It’s all about giving the fans what they want and expanding the ways they can demonstrate their fandom.
The bottom line
Digital money is here to stay and we’re yet to see all the ways it can be used in the entertainment industry. For now, there are tons of new things cryptocurrency has brought to the ways we have fun. Whether you want to spin slots online or watch your favorite TV show, there’s cryptocurrency involved in it somehow.
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