This cryptocurrency use case can create a win-win situation.
The application of the cryptocurrency gives it immense potential that can change the financial ecosystem. In-use cryptocurrencies will eventually eliminate market volatility and industries can benefit greatly from it, especially the entertainment industry.
The global entertainment industry is valued at a couple of trillion US dollars. With advances in technology, the volume of content consumption has increased, which highlights the growth of the market, but this growth does not represent anything essential as labels and companies withhold the benefits from creators and end users. Hollywood, for example, is known for its glitz, glamor and big bucks, but at the grassroots level, Hollywood is controlled by two or three big studios and now some streaming companies because of the pandemic. This exclusive control is only supposed to bring ruin to the entertainment industry.
In comparison, the cryptocurrency market is also influenced by some key players like Bitcoin and Ethereum, but when a token has a utility that can rival Bitcoin, it has value to the end user, as is the case with XRP and Polkadot in the entertainment industry, stops studios from creating audience-centric content. Because it’s a question of money, directors and professionals are focused on meeting the studio’s demands and killing the essence of the entertainment industry.
Is Blockchain the Solution?
The inclusion of blockchain technology in the content creation process will help provide credit and ownership to content creators. To ease the financial burden, creators can tokenize their projects and use ICO-like fundraising initiatives. This will also ensure that end-users have a substantial say in the content they want to watch.
The Blockchain technology will also answer the question of hacking. The piracy and counterfeiting industry costs billions of dollars and with blockchain in the picture, manipulating the digital ledger will be a Herculean task. The NFTs also protect original content.
Techtainment – The Future of Entertainment Industry
The term technology + entertainment perfectly defines the future of the industry. The introduction of blockchain and cryptocurrency will ensure industry growth by providing funding to individual artists and content producers. Blockchain and cryptocurrency can democratize the way in which end users (audience) react with artists and interact with a transparent voting system in which the audience can vote on characteristics such as genre or content concept.
