Crypto May Become the New Music and Movie Tradable Asset

There are more than 10 ICOs with floated cryptos that are focused on bringing the music and movie industry onto blockchain ecosystems. There are many intuitive ways these firms are looking to penetrate the industries and make the exchange, sharing, transfer of ownership, and sale of music and movie content.

Of course, the most obvious ways in which crypto will make its way into the entertainment industry is payment systems. Online payments are already extremely easy using cryptos and many websites offer music or movie downloads in exchange for BTC and other cryptos.

For example, you can buy gift cards for Amazon, Google Play, Apple Store, and other big brands that sell music or video. There are also sites where you can use cryptos to buy concert tickets and passes to attend music events. This same concept spills over into VPNs,

As for purchasing cinema tickets, this is a whole new solution that will need to be introduced to cinema chains across the globe. At the moment, cryptos like ETH, BTC, and BCH take too long for the transactions to process. When we say too long, we mean 2 minutes for the network to confirm the transaction is too long for someone to stand around waiting for authorization of payment.

That said, there can be a system put in place whereby people can purchase the ticket, then go to another counter to wait for their ticket, in which time the ticket will be processed. However, this is a lot of hassle and most people would rather use cards or cash to avoid this.

In comes DASH, a crypto ecosystem that can authorise crypto payments in 1 second. This is likely the network of the future for cinema ticket purchases and even high street music as well as movie purchases.

On top of these solutions, cryptos that specialise in the ownership of music rights are also in the works. These ecosystems will be a token that relates to the piece of music produced. Also, multiple tokens or a single token can be split to share ownership. For example, a Bitcoin costs in excess of $10,000 but you can purchase part of a Bitcoin, so 1 BTC can have multiple owners.

The same can apply to the music industry and the percentage owned can determine who gets paid dividends or a cut of the royalties. Tokens can also be spread out across pubs, clubs, and other entertainment venues who will pay a small amount charged on a per play basis instead of having to pay out a fortune for music license to cover royalties that go to certain record companies.

Finally, there is TRON, a well-known crypto that has one of the top 20 highest market capitalisation values in the crypto sphere. Keep your eyes out for this new player in the industry because TRON is looking to legitimise the torrent scene by keeping torrenting virtually free while making sure royalties are paid to the music or music producers.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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