Have you been following up on how blockchain has been affecting the entertainment and media sectors and want to add some knowledge? If you do, you have just arrived in the right place. Here, we will present you with details of what has been happening in the sector, drawing upon investigations and opinions of different industry players. For instance, just recently, Market Research Future valued the blockchain in the media and entertainment industry at $385.6 million and projected it to hit $11,766.5 million within the next few years.
Now, we no longer just have movies and TV programs featuring blockchain technology. It’s become more than that – filmmakers are turning to technology to fundraise for projects. We now have NFT tokens to enhance your engagement as you support your favourite sports. And you can attest that blockchain is really changing a lot in the entertainment industry. Seeing that there’s just too much to catch up with, why don’t you read on to discover for yourself?
Why the Entertainment Sector is Welcoming Crypto
Why would you want to use something if it didn’t benefit you in any way? The entertainment industry has undoubtedly opened up to crypto because of its benefits, such as its fast speeds, low transaction costs and decentralized nature.
For instance, the Solana crypto boasts top-notch technology, Tower Byzantine Fault Tolerance, which offers unheard-of speed and scalability. Actually, it’s this technology that distinguishes Solana from other blockchains, which could be why the gaming industry is welcoming Solana.
You’re perhaps aware of the Vizion Protocol, which is among the first distributed digital currencies built specifically for film, music and entertainment sectors. 2024 marked a great start for this token as the company sought to launch their first utility, backed by 100 million tokens. On top of that, they also sponsored the Creativo + Ferrari ‘Any Given Sunday’ event, which saw top names like Julian Edelman and Dr Oz attend.
Blockchain in Gaming
If you are a gamer, you can agree that one of the things that you might never mind is privacy. Sometimes, players may want to maintain anonymity when participating in different titles. However, this is not possible with the traditional platforms that require you to register before you can play. To cater to such needs, you may have seen crypto platforms emerge in industries like gambling.
That could actually be part of the reasons why Fortune Business Insights valued the global blockchain gaming industry at $154.46 billion in 2023. Let us look at a few examples.
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Alien Worlds
Here, you explore space in a fourth-wall-breaking environment of intergalactic crypto-mining communities. During the exploration, you can find NFTs and mine for Trillium. Landowners play a crucial role in shaping the future.
Axie Infinity
This one has been around for some time now, and you probably know about it. It was released in 2018 and allows you to collect, breed and fight other players with their Axies. Axies come with their own unique abilities and cater to a very broad combination of playstyles and Axie types.
Blockchain in Film
Filmmakers with an independent vision can agree that securing funding has been a huge hurdle for some good time now. Traditional financing channels are quite strict and operate with high levels of control, limiting the creativity of content creators. Crypto has risen to answer some of these challenges, and it’s seriously making its way into the film industry.
Markets like SingularDTV and Filmchain now allow filmmakers to create and distribute their content directly to consumers without needing middlemen. This makes the whole process more efficient and cost-effective – content creators will not need to pay third parties to distribute and sell their films. And what good news could there be than this, especially now that creators are often met with challenges of royalty disbursements? Blockchain ensures you get the royalties you deserve directly.
Let’s jog our memories a little bit. Do you remember the 2018 ‘No Postage Necessary’ film? It is a romantic comedy distributed on the chain by the Vevue platform, allowing users to buy it with digital currencies. A year later, another title, Crypto, followed, and it was released using the TaTaTu platform.
Besides distribution and funding, crypto has made it possible for filmmakers to overcome the challenges of copyright, which have been prevalent for several years. By recording their ownership rights on a distributed ledger that can’t manipulated, you can always be sure that your records won’t be altered in any way. Another good side to blockchain is that you can now automate licensing and distribution by using smart contracts.
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KODAKOne is among the platforms that have made this possible. Imagine you can now register your images and videos and preserve them from copyright infringement. What’s more, you can tell when someone is using them unauthorizedly and thus take a necessary course of action.
Parting Words
Could you have thought that crypto could influence industries like entertainment during the industry’s initial stages? Most probably not. But that is exactly what is happening. Since the late 2010s, we have not stopped seeing content creators welcome this technology to better their experiences.
From gaming and music to film, the innovations are just endless. And moving on, we might see more creators adopt blockchain technology to better both their experiences and those of customers as well.
