Blockchain is finally becoming part of everyday life. We say “finally” because this technology was first theorized about in the early 1990s. Scientists Stuart Haber and W. Scott Stornetta first wrote about the use of blocks of data, secured by a cryptograph, before the internet was even commonly used. Technology has come a long way since then, and a few huge developments have helped make blockchain a global phenomenon. Consider taking a Blockchain Course to enhance your skills and understanding.
One of the best-known uses of blockchain is cryptocurrency, and Bitcoin still leads the way. Studies show that an average of roughly 405,376 Bitcoin transactions take place daily, which goes to show that there is a huge interest in blockchain technology and that people are embracing the changes.
So how is blockchain changing the entertainment industry? Which areas of the entertainment industry have embraced blockchain and cryptocurrency the most?
The Casino Industry
The casino industry has embraced blockchain technology and really led the way when it comes to cryptocurrency. According to some estimates, more than half of all cryptocurrency transactions take place within the gambling industry.
As well as some of the older casinos allowing people to use cryptocurrency, there are also a lot of new crypto casinos on the market, many of which use Bitcoin and other cryptocurrencies as the sole payment method.
Anyone who is playing table games online needs to know they are doing so safely, and accessing a secure Bitcoin and crypto casino online is a considerable option to add an extra level of anonymity and security. Cryptocurrencies use blockchain technology to keep your data safe and ensure that all transactions are on a public ledger for transparency.
Crypto casinos tend to offer all of the classic games that people are used to playing at online casinos such as poker, roulette, blackjack, and baccarat. There also tends to be a big selection of slot games.
Many crypto casinos are also able to offer specific games that you may not find at other casinos as well as interesting game mechanics. On top of that, the casino industry has been willing to embrace NFTs. Some casinos even offer NFTs as a prize for users. These can be issued as tokens and rewards by casinos, and while their value is dependent on a number of factors, it is proof that the industry is forward-thinking when it comes to cryptocurrency.
The Music Industry
Many big figures from the music industry have already become heavily involved with blockchain technology, using both crypto and NFTs to their advantage.
One of the leaders in the world of music and NFTs is Snoop Dogg. He has also been known to invest in cryptocurrency so it makes sense that he would embrace methods like this to connect with fans.
He made thousands of albums available as non-fungible tokens which also contained something called a “Stash Box” which meant there were three bonus tracks for those who paid for the NFTs. Of course, the NFTs were unique and all held their own unique value, too. He did this for his album B.O.D.R but has sold other NFTs at times in his career. He also released an older recording of his Death Row Recordings, Volume 2.
There are some other startups and businesses in the music industry such as eMusic, using blockchain technology in an innovative way. eMusic is a platform allowing artists and bands to manage their rights and royalties, plus distribution. It is totally decentralized and can facilitate instant royalty payouts as well as make it easier to track artist plays. There are also incentives for fans such as more affordable pricing and unique releases.
The Gaming Industry
Gaming is another industry that has spotted the potential of NFTs and blockchain technology. It is in the very basic nature of blockchain technology that NFTs are totally unique. A lot of games have used this for their in-game trading and assets. Each of the items can be totally unique and even tradeable within the game. For instance, things like tools and vehicles in a game may now be assigned an NFT.
Some specific crypto and blockchain games have also launched, which means that NFTs are part of their gaming mechanic. For instance, in Axie Infinity, players buy their own Axies, which are fictional characters assigned NFTs. They can train them and even make money in the form of crypto.
Conclusion
We’ve really only scratched the surface when it comes to the potential of NFTs, crypto, and other blockchain technologies in the entertainment industry. These examples can all be considered early adopters of blockchain, and as time goes on, expect it to form a bigger part of the way music and games are released while continuing to add security and protection for customers as they connect with gambling brands, musicians, and their favorite entertainers.
