This cryptocurrency use case can create a win-win situation.
Cryptocurrency holds immense potential via its application that can transform the financial ecosystem. Crypto coins that hold utility value will remove the market volatility eventually, 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 technological advancements, the volume of content consumption has increased, shedding light on the growth of the market. But this growth is not amounting to anything substantial as labels and corporations are depriving the creators and end consumers of the benefits. For example, Hollywood is known for its glitz, glamour, and big dollars. But at the grassroots level, Hollywood is controlled by two-three big studios, and now because of the pandemic, a few streaming companies. This exclusive control is expected to only bring doom to the entertainment industry.
In comparison, the cryptocurrency market is also influenced by few key players like Bitcoin and Ethereum, but if a token has a utility that can compete with Bitcoin, it holds value to the end-user. Such is the case seen with XRP and Polkadot.
The dominance in the entertainment industry is demotivating studios from creating audience-centric content. Because it’s a matter of money, directors and professionals are focusing on fulfilling the studio’s demands, killing the essence of the entertainment industry.
Is Blockchain the Solution?
The incorporation of blockchain technology in the process of content creation will help in giving credit and ownership to content creators. To eliminate the financial burden, creators can tokenize their projects and use ICO-like initiatives to raise funds. This will also ensure that end-users have a substantial say in the content they want to watch.
Blockchain technology will also answer the question around piracy. The piracy and counterfeiting industry amounts to several billion dollars and with blockchain in the picture, it will be a herculean task to manipulate the digital ledger. Additionally, NFTs will also protect original content.
Techtainment – The Future of Entertainment Industry
The term technology + entertainment perfectly defines the future of the industry. Embracing blockchain and cryptocurrency will ensure the growth of the industry by financially backing individual artists and content producers. Blockchain and cryptocurrency can democratize the way end-users (audience) react and interact with artists and creators. As there is no proper channel for the audience to voice their opinions and social media is controlled by big corporations as well, blockchain is the only way to bring in a transparent voting system where the audience can vote for features like genre or concept of the content.
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