Blockchain technology is transforming the way we do business, and over the last 10-15 years it has become a way to facilitate safer payments, but also a way to offer unique products such as NFTs to customers.
Some industries, companies, and even artists and musicians have been quicker on the uptake of blockchain than others. While there is some pushback from traditionalists, a lot of people are waking up to the value that blockchain has.
What is Blockchain Technology?
Put in the simplest possible terms, Blockchain is a database technology that allows tiny blocks of data to be stored in a decentralized way and then connected via cryptography. The data isn’t held on one central database, which means that it is much more safe and secure. No one user has the data stored. This makes it harder for people to hack or manipulate the data.
This is the technology that has facilitated cryptocurrencies. The transactions that take place using crypto are stored on a public ledger, with the users keeping control. Some cryptocurrencies such as Bitcoin keep their ledger public and transparent.
Blockchain technology has also facilitated the growth of NFTs, which have taken the world of entertainment by storm.
NFTs are non-fungible tokens, which exist within a blockchain database and therefore can’t be copied. The art of tokenizing assets creates a new market, and also an opportunity for brands and artists to provide something unique for their fans. Each NFT is an individual token, and they can represent things like unique versions of artwork.
This has made them very popular with collectors and a lot of people have already invested in NFTs. Studies have shown that around 4% of the US population has already invested in NFTs, which is impressive considering the fact they have only become popular in recent years. We’ve got more examples of how NFTs work later in this guide.
Cryptocurrency Casinos
One of the biggest changes when it comes to the influence of blockchain technology on entertainment brands has been seen within the casino industry. Cryptocurrency and casinos are working hand-in-hand to provide a more efficient and quick service for users, as well as adding a level of security. Using cryptocurrency to transfer money means that users don’t have to share as many personal details with a casino brand.
On top of this, cryptocurrency transactions don’t have to be approved by a bank, so the money can be moved very quickly. On top of that, there tend to be pretty low fees involved in transferring crypto. Bitcoin and cryptocurrency casinos offer a wide variety of different games, including a lot of the same games that can be played on non-crypto casinos.
While some of the big casinos that have existed for decades are now accepting cryptocurrencies, some newer casinos focus exclusively on crypto. Plenty of them also offer signup bonuses when a new user creates an account.
Cryptocurrency payments aren’t restricted to these kinds of casinos, though it is thought that 60% of all crypto transactions involve gambling in some way. Casinos are helping to drive the future of blockchain forward.
Music Distribution
There are a lot of examples of brands that are helping artists to release and stream their music via blockchain. The world of music went through a digital revolution when streaming via sites like Spotify became the norm, but could it be that blockchain triggers another huge change?
Organizations like Musicoin are seeking to support the industry by using secure transfer and streaming. They have their own cryptocurrency coin called MUSIC, which they can use to pay streaming revenue directly to artists. This way, all of the streaming revenue is owned by the musicians who released the music.
Film and Music NFTs
Musicians, filmmakers, and artists have mainly been willing to embrace NFTs. Artists including Snoop Dogg regularly release NFTs to accompany their albums and give fans the chance to own something unique.
The new Barbie movie took the world by storm with its charming characters, and the developer of Barbie, Mattel, has created a range of NFTs to accompany the film, allowing fans to buy unique avatars and digital tokens of characters via auction online. These are available to buy on a site called MINTX which offers many different entertainment NFTs via auction.
Grimes is one of the musicians who has seen the most success with NFTs, selling a unique video token called ‘Death of the Old’ for almost $400,000. No wonder entertainers are open to distributing NFTs.
Conclusion
The blockchain revolution has been in the headlines at various times over recent years, but, likely, NFTs, crypto, and other blockchain technologies are only just getting started. Entertainment companies and brands are some of the companies that are embracing this decentralized technology and bringing more power to artists.