How Blockchain and Crypto Are Changing Entertainment Forever

Cryptocurrency is changing the way that entertainment works forever, and this is something that not everybody could have predicted. DeFi and currencies that don’t rely on centralized banks have been around for well over a decade now, but have changed more than just the way things are paid for. Blockchain, the technology behind crypto, is also leading to a huge change in certain fields and it can provide musicians and other entertainers with solutions for other issues like copyright protection. It can also give them new products to sell, such as NFTs – more on this below.

The Gambling Industry Leads the Way

People who use gambling sites may already know that the industry has embraced cryptocurrency quickly and helped to show the full potential of decentralized finance. Some crypto gambling sites allow people to deposit in Bitcoin and even some other currency options.

Cryptocurrency has changed the way that gambling works in a few ways, including even more selection when it comes to games. People who play cryptocurrency slots online will know that there are certain games such as Crash games that have become popular in the industry as their mechanics tie in with cryptocurrencies. Crypto slots and other games may be the same as those using flat currencies, but there are also new games released on solely crypto platforms.

Slots are one area that has changed a lot since the introduction of crypto but table games and other gambling formats are impacted by crypto. Sportsbook gambling is also starting to take a more crypto-heavy approach with some companies giving their customers more choice in how they move funds around. 

Gambling sites that accept crypto are an example to follow. With around 90 million Americans owning cryptocurrencies now, they have been quick to give people more options.

Royalties For Artists

Blockchain’s impact on the entertainment industry extends to the area of royalties and the way that these are tracked and given to artists. Blockchain technology enables transparent and automated royalty payments through smart contracts (this was originally one of the reasons why the technology was invented). When a piece of content is used or purchased, the smart contract automatically distributes the royalties to all entitled parties according to pre-set terms with no need for somebody else to process things. 

This reduces the delays and disputes often associated with traditional royalty systems. Creators can rely on the technology for quicker payments. 

The World of NFTs

NFTs made a lot of headlines in the early days when they seemed to be everywhere, lots of musicians and even filmmakers started to use NFTs as a different way to offer something unique to customers – Snoop Dogg was even involved in the NFT industry, releasing unique offerings for fans. 

People may remember a spell where it seemed like everyone was releasing these NFTs – they can provide proof of ownership and authenticity, making them potentially scarce and valuable to people or even collectible. They also enable creators to earn royalties on secondary sales, ensuring they benefit from the increasing value of their work.  

Huge numbers of artists and entertainment companies are already exploring NFTs as a new revenue stream, and they can be a way for fans to feel more connected to artists such as musicians. Music industry NFTs have already changed hands for millions, and with streaming revenues so low for some artists they may be looking for other ways to raise funds.

Gaming and P2E

The gaming industry is one of the biggest users of crypto and blockchain technology (it makes sense, with so many tech-savvy people involved in gaming). Cryptocurrencies are enabling new economic models within games, where players can trade or even earn digital assets. Play-to-earn (P2E) games, where players are rewarded with crypto for their in-game achievements, are gaining popularity.

Virtual worlds like Decentraland and The Sandbox are creating interesting concepts with some decentralized gaming environments where players can trade virtual real estate and items. These virtual assets can often be traded and they have an intrinsic value. Different games have their own approaches to earning and using the assets they have minted, of course, but it is an interesting entertainment concept that could continue to grow. 

Conclusion

Entertainment has been on such an incredible journey since the invention of the internet, and things are unrecognizable from the time when we had to go into stores to buy VHS or CDs to get entertainment. Even the inventor of the internet, Tim Berners-Lee, has a lot of input now in the crypto world and is working on a data wallet, showing that this is a huge industry with a lot of important figures working to make crypto even more mainstream.  

While gaming and the gambling industries have led the way already, more areas of the entertainment world are embracing cryptocurrencies and blockchain technology, and clever artists are trying to use this for more revenue streams, too.