How Entertainment Industries Have Driven Crypto and Blockchain

Entertainment has always been quick to adopt new technologies. A revolutionary new form of tech can potentially make its way into the worlds of music and gaming in a matter of days. Instantaneous adaption of aspects like NFTs has given certain musicians another way to make money as well as gaming companies and lots of other industries.

In the big scheme of currencies and finances, cryptocurrencies are brand new. They have been around since around 2007 when we first saw Bitcoin turn the theory into a reality.

Esports and Gaming

Esports is a massive industry already but it is predicted to continue growing over the coming years. When players look through the Thunderpick markets they will notice that there are a huge number of different options and sports that have been incorporated including massive brands like LoL and Dota.

Esports gamers tend to be early adopters of tech and the industries have grown together. A lot of the locations where esports has become a massive hobby and a spectator sport have also incorporated some of the biggest cryptocurrencies in daily life. Places like Asia where there is a huge interest in the tech industry and a requirement to innovate have been important for esports. South Korea is one of the homes of esports.

We have even seen esports events sponsored by cryptocurrencies and close links between these industries. Some esports tournaments pay out the winners in crypto rather than flat currencies.

Gaming has adapted crypto in some other ways. Blockchain games use decentralized networks to allow players to truly own in-game assets like virtual land or characters. This changes the way games are even played and in history items or currencies were always tied to the game itself. They could be revoked or lost if the game closed down. Blockchain means that some games now have their own assets with inherent values.

Play-to-earn (P2E) games have turned heads. These blockchain-based games allow players to earn crypto as they play which can be exchanged for real-world money. Titles like Axie Infinity and Decentraland offer players opportunities to earn in-game tokens with actual monetary value.

The Gambling Industry

Gaming and gambling are tied together more closely than ever due to the way that esports has altered things. Players can bet on professional gamers in a way they have never been able to before.

For gamblers, the shift to cryptocurrencies makes a lot of sense and is one way that they can potentially benefit from blockchain and its features.

They offer users transparency which is a fundamental shift in an industry that has relied on a middleman. Blockchain’s public record means it is much more transparent and some people are also drawn to the fact that crypto is more anonymous and users typically don’t need to share personal information when making transactions.

The same huge repertoire of games is available to players who are regular users of cryptocurrencies. Not using flat currencies does not have to mean less in terms of choice.

The NFT Revolution

NFTs absolutely stormed into the world and a lot of the big names out there launched some straight away. Some made millions. Most of us know what NFTs are by now but what about the role they play in entertainment?

Music is a top example and by using NFTs the artists can tokenize their music. This means unique digital ownership of tracks or even exclusive performances. This allows fans to own limited-edition digital assets while artists retain control over their intellectual property. Grimes showed some examples of how this can work and auctioned off her crypto art as another way to make money.

Blockchain technology also enables artists to automatically distribute royalties. Smart contracts ensure that musicians receive a share of every resale of their NFT music – a concept that traditional streaming services do not support. Platforms like Audius have been invented to provide a decentralized streaming platform. It has not taken off in the same way as Spotify but it shows how NFT technology is huge and blockchain will revolutionize the music industry.

Music is only one example and we have also seen NFTs creep their way into other media. This includes games where players may own items in-game that are actually 100% unique.

Conclusion

The entertainment industry is full of influential people. Some of them are the most influential people in the world. We have seen celebrities like Drake and Elon Musk really focus on crypto or even get involved in the launch of cryptocurrencies.

When movies and television shows also discuss crypto, it raises awareness. Someone whose favorite movie star or band releases an NFT may tempt fans to buy and be interested in the technology even if they were not before. Entertainment doesn’t just take advantage of the crypto and blockchain technologies out there – this is a two-way street.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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