Are you tracking how blockchain is impacting the entertainment and media sector and want to add to your knowledge? Then you’ve arrived at the right place. Here, we provide a detailed look at what’s happening in this space, based on research and opinions from various industry players. For example, just recently, Market Research Future valued blockchain in the media and entertainment industry at $385.6 million and predicted it to reach $11,766.5 million within the next few years.
Nowadays, there are not only movies and TV shows that feature blockchain technology. That’s not all. Filmmakers are turning to technology to finance their projects. We now have NFT tokens to enhance your engagement when supporting your favorite sports. And we can prove that blockchain is truly a game-changer in the entertainment industry. There’s too much to keep up with, so why not keep reading and discover it for yourself?
Why the entertainment industry welcomes cryptocurrencies
Why would you want to use it if there are no benefits? The entertainment industry has become open to cryptocurrencies because of its advantages such as high speed, low transaction costs, and decentralized nature. is.
For example, Solana crypto boasts Tower Byzantine Fault Tolerance, a leading technology that provides unprecedented speed and scalability. In fact, it is this technology that sets Solana apart from other blockchains, and may be why the gaming industry has welcomed it.
You’re probably familiar with the Vizion protocol, one of the first decentralized digital currencies built specifically for the film, music, and entertainment sector. 2024 was a great start for the token as the company aimed to launch its first utility backed by 100 million tokens. In addition, the company also sponsored Creativo + Ferrari’s “Any Given Sunday” event, which was attended by top names like Julian Edelman and Dr. Oz.
Blockchain in games
If you’re a gamer, you’ll agree that the one thing you don’t care about is privacy. In some cases, players may want to maintain anonymity when participating in different titles. However, this is not possible on traditional platforms that require registration before playing. You may have seen crypto platforms emerging in industries such as gambling to serve these needs.
In fact, that could be one of the reasons why Fortune Business Insights valued the global blockchain gaming industry at $154.46 billion in 2023. Let’s look at some examples.
alien world
Here you explore space in a fourth-wall-breaking environment in an intergalactic cryptocurrency mining community. While exploring, you can find NFTs and mine trilliums. Landowners play a critical role in shaping the future.
Axie Infinity
This has been around for quite some time, so you’re probably familiar with it. Released in 2018, you can collect, breed, and battle Axies against other players. Axies have their own unique abilities that accommodate a very wide range of combinations of playstyles and Axie types.
Blockchain in movies
Any filmmaker with an independent vision would agree that funding has been a major hurdle for some time now. Traditional funding channels are very rigid and operate under a high degree of control, which limits the creativity of content creators. Cryptocurrencies are rising to answer some of these challenges and are entering the film industry in earnest.
Marketplaces like SingularDTV and Filmchain allow filmmakers to create content and distribute it directly to consumers without the need for intermediaries. This makes the entire process more efficient and cost-effective. Content creators no longer have to pay a third party to distribute and sell their films. What could be better news than this, especially at a time when creators often face the challenge of paying royalties? With blockchain, you can directly receive the royalties you deserve.
Let’s look back on some memories. Remember the 2018 movie “No Postage Required,” a romantic comedy distributed on-chain by the Vevue platform and available for purchase by users with digital currency? A year later, another title, Crypto, followed and was released using the TaTaTu platform.
In addition to distribution and financing, cryptocurrencies have made it possible for filmmakers to overcome copyright issues that have been prevalent for several years. By recording ownership on a distributed ledger that cannot be manipulated, we can always ensure that the records cannot be tampered with in any way. Another positive aspect of blockchain is the ability to automate licensing and distribution using smart contracts.
KODAKOne is one of the platforms that makes this possible. Imagine being able to register your images and videos to protect them from copyright infringement. Moreover, you will be able to know when someone is using them fraudulently and you can take necessary action.
parting words
In the early stages of the industry, was it thought that cryptocurrencies could have an impact on industries such as entertainment? Probably not. But that’s exactly what’s happening. Since the late 2010s, we’ve seen content creators embrace this technology to improve their experiences.
From games to music to movies, the innovations are endless. And moving forward, more creators are likely to adopt blockchain technology to improve both their own experience and that of their customers.
