The influence of blockchain and cryptocurrencies on various different aspects of our lives is growing with every passing day. Cryptocurrencies continue to scale new highs, continuing the stunning rally that we have been seeing for the past 12 months, while they are also now being considered as a serious investment option by banks and institutional investors. However, it is even more encouraging that blockchain, the technology that underpins crypto, is being seen as a potential solution for various problems across a multitude of sectors – this points towards the crypto and blockchain sectors becoming a lot more sustainable since they will be used to solve real-world problems rather than just functioning as a place for people to park their money. Blockchain has been used in the online gaming and gambling sector, for example, where various online casino operators have begun using the technology to provide a better gaming experience to their users. Gaming sites that use blockchain have faster transactions, more reliable games and are safer for players to use, while this type casinos are also offering users the very attractive option of placing bets through cryptocurrencies. This is just one example of how these new innovations are changing the way businesses operate, and we have another example in the entertainment industry as well, where GazeTV has launched a blockchain-based entertainment platform.
GazeTV’s launch will bring a platform that will allow users and consumers to directly reward content creators through tokens. The platform already has over 3000 hours of content ready to view, with more being added, while there is no restriction on who can provide content on GazeTV – anyone can record videos and upload them to the platform. GazeTV is looking to solve a fundamental problem in the content streaming space – that the content creators are paid a pittance for their productions. For example, it takes over 750 streams on Pandora, and over 1400 streams on YouTube, for a video to earn $1 for its creator. This is extremely low, and it is even worse on music streaming services such as Spotify and Apple Music. Additionally, while royalties and copyrights should mean that artists are fairly compensated for others using their work, that is not always the case.
This is where GazeTV comes into play. It uses blockchain, along with the GAZE token, to allow users to directly pay content creators when they like their content on the platform. This creates a much more transparent environment, as creators can see their rewards and viewership as well, being able to put out content based on what has done well, and it also makes the revenue distribution to the content creator much faster. It also offers creators an Automated Content Synchronization option, which allows them to bring their content from other platforms onto GazeTV. Thus, creators can synchronize their existing content from Facebook, YouTube and WordPress, while another significant advantage is that GazeTV is available in China as well, opening up a huge market for creators to access.
The aim of GazeTV, according to Jack Cheng, the CEO of the company, is to fix everything that is wrong with entertainment platforms at the moment. That includes the broken rewards and compensation systems, annoying advertisements, and inefficient payouts, to name just three issues. GazeTV will allow artists to connect directly with their fans, and therefore build a community in the truest sense of the word. The token-based model makes it easy to pay creators directly, while it will also increase audience engagement. GazeTV is set to take the world of entertainment and content creation by storm, and it will be interesting to see how it fares in the coming weeks and months.