Digital coins or cryptocurrencies caused a revolution in the entertainment industry. This great innovation is a way to address the ongoing problems you encounter with the traditional payment services. As the banking system already started to crumble as we speak, considering cryptocurrency would be a wise decision. Aside from being an alternative method to make purchases, would you believe that it has many benefits? In this article, we’ll know more about these advantages. We’ll also learn the reasons that made it a success in the industry of entertainment.
So stay tuned.
What makes it appealing?
By now, we all know that cryptocurrency is the great industry disruptor. But what exactly makes it a viable form of currency going into the future? Let’s find out.
Anonymous
Its most favoured benefit is the anonymity that it offers its users. When paying using cryptocurrency, there is no need to disclose your personal information. You can make purchases without the worry of someone snooping around. This gives users the privacy and security they want so much.
Cryptocurrencies use the blockchain technology. Its decentralized nature ensures there is no central figure that manipulates the transactions. This significantly lessens the threats of hacking and security breaches.
Accessibility
Cryptocurrencies have broken down accessibility barriers. Using an online form, it is able to connect thousands of businesses and platforms to audiences abroad. This widens their reach and in turn, expands their business.
Slowly taking over
The wheels of change have started rolling. In the entertainment industry, we can see more and more uses for cryptocurrencies.
Blockchain gaming
The pandemic saw the rise of different blockchain games. One in particular is Axie Infinity. In a time when business was down, this game provided an alternative source of income for so many players.
The game has simple mechanics and fun gameplay. Players earn the native token, SLP, in exchange for completing quests and dungeons. They can then convert the SLP into their local fiat currency.
Other similar games are Crypto Kitties, Alien Worlds, and Pikamoon.
Films and sports
In 2022, a sci-fi film entitled Zero Contact became the first film to be auctioned as an NFT. With the use of Vuele, an NFT film distribution platform, around 27,500 bundles were put up for sale.
The “Exclusive Edition” NFT included the film itself, behind-the-scenes, three random character trading cards, and a signed poster. This was available for $59 and only had 2,500 bundles available.
For the “Collector’s Edition” NFT, buyers would get the film and an unsigned poster. They offered 25,000 bundles of this for $25.
With its launch in 2021, Vuele is the first-ever direct-to-consumer film viewing platform. They give users access to full-length films. Also, they can buy digital collectible content in NFT form. As owners of these NFTs, users can watch, collect, trade, and even sell these on the platform.
In more recent times, Marvel and Fox have begun exploring digital NFTs as well. They kicked off by releasing limited edition NFTs for Deadpool 2. As for MGM, they partnered with VeVe to launch NFTs for the new James Bond: No Time to Die film.
In the sporting world, avid football fans are seeing increasing advertising for cryptocurrencies. This is often seen on player’s jerseys or in TV advertisements. If you can remember, FTX was the sponsor of the 2021 Major League Baseball Play-offs. Even the iconic Staples Center, home of the Los Angeles Lakers, changed its name to CRYPTO.COM Arena.
Crypto casinos and the sports betting landscape
The gambling industry may be one of the industries who benefit most from cryptocurrencies. This disruptive technology has brought about hundreds of online crypto casinos.
Gone were the days disclosing your personal information to online casinos. When you play in crypto casinos, anonymity is their best feature. You can deposit or withdraw your funds without giving any information about yourself.
What’s more is that processing time for crypto transactions only takes a few minutes at best. In traditional casinos, withdrawing your winnings can take up to weeks to even get processed.
Cryptocurrency has become a popular payment alternative. Not only in casinos, but in online bookies as well.
You can visit smartbettingguide.com for a list of the top online bookies that accept cryptocurrencies.
Decentralized marketplaces and social media
Open marketplaces give artists the chance to sell their goods directly to the buyers. Having a decentralized nature, there is no middleman involved. Transactions are only between the seller and buyer.
There are also new decentralized social media platforms like Minds and Steemit. These platforms allow its users to earn cryptocurrencies by creating or engaging with content. Compared to traditional social media, content creators now have a more transparent and decentralized alternative to monetize their content
