The entertainment industry has always been subjected to change, with trends frequently changing every now and then. For the most part, this industry has only gotten bigger and more diverse over the past few years.
One particular trend that’s changing the game in the industry is blockchain technology, specifically cryptocurrency. Not only is this form of technology gaining popularity all across the globe, but it’s also starting a movement among those in the entertainment space.
The Impact of Blockchain Technology
Blockchain technology has several impacts on different aspects of the entertainment industry. The first one being the technology behind cryptocurrency and the second being cryptocurrency itself.
Blockchain Technology for Artists
Contrary to popular belief, artists don’t always get paid enough for their hard work. For the past few years, the problem has been quite clear: earnings go to various parties leaving only a little to the original content creator.
Blockchain, the technology behind cryptocurrency, is considered to be the solution to the recurring, major problem. The idea is for artists to sell their content directly to consumers and get paid what they’re due every time.
This technology works by decentralizing the system without making it vulnerable to tampering. Meaning, it can track all the activities for an artist’s recorded property without missing out on anything. Not only will this secure the said property but it will also ensure everything is accounted and paid for.
Ultimately, blockchain technology will be the biggest warrior against piracy and will help artists get what they deserve.
Cryptocurrency in Entertainment
Due to its convenience, cryptocurrency can now be used to purchase several products and services – even in the entertainment industry. Two of the most common sides of the spectrum are as follows:
The relatively new yet rapidly growing competitive video games market has clearly identified cryptocurrency as another currency they’re willing to explore.
ESports have started accepting cryptocurrencies as payment options. Just like previous companies, questions have been initially raised with regard to the stability of the relatively new technology. But times have indeed changed.
Already amassing to a market over $1billion, this new form of professional sports has allowed players to use Bitcoin, Etherum, and Litecoin, among others, to pay for a plethora of products and services from within the market. Not only does this provide for a faster and more convenient transaction, but it also brings security against fraud and anonymity.
Reality shows are nothing new to the entertainment industry. But for those who are interested in professional fighting, Fight to Fame might just be the biggest hit. Contestants are upcoming fighters who aspire to become the next big action star.
The show features a series of phases that contestants go through in order to win. On a different light, it uses a business model that incorporates blockchain, movie, and sports into one. Buying a token would mean fans can participate in exclusive events and other activities to be announced.
Here to Stay
Blockchain technology and cryptocurrency have both proven to be important not just for artists but also for consumers, as well. For artists, blockchain technology protects them against financial losses while cryptocurrency offers convenience for those who want to be entertained.
The impact of such technology not only proves its benefits for the entertainment industry but also shows that there is potential for it to grow.