Blockchain technology has left a huge mark on the technology world in such a short time. It was invented with the inception of Bitcoin – a peer-to-peer payment system in 2010.
The technology is a data structure that eradicates the need for a third party. In addition, once the records are added to the decentralized ledger, they cannot be changed, known as immutable. The blockchain is then secured via cryptography, and miners who maintain the network using their computing power are paid a small fee on each block mined.
Therefore, many are excited about the tech and how it will change the world as we know it. One of these, online entertainment, remains at the forefront of innovation, and in this article, we look further into how blockchain will change the industry.
Blockchain and Online Entertainment
Online entertainment is a broad term used for many industries including gaming, TV/movies, and streaming. All of these have seen blockchain make inroads to provide a better overall experience for the content creator and the end user.
Cryptocurrency and blockchain go hand in hand, and the former allows for secure purchases online. As crypto is available to everyone, everything becomes more inclusive.
Take online casinos, for example. Nowadays, you can deposit and withdraw using more than ten cryptocurrencies. Nevertheless, to find the best ones, be sure to use comparison platforms. These sites do all the hard work for you providing you with expert reviews, comparing the latest welcome bonuses, and giving you the latest information on all the casino games available to play.
Besides online casinos, blockchain is penetrating the gaming industry in a wide range of ways. The rise of games on the blockchain such as Decentraland or Sandbox gives users the chance to build and make real money through selling virtual assets.
Tipping has also become much easier with blockchain and cryptocurrency. This is particularly relevant in live streaming on platforms such as KICK or DLive. On traditional sites such as
YouTube or Twitch, you can tip your favorite creators using your local fiat currency. However, the platform takes a huge cut. With crypto, you can easily send a tip with tiny fees.
In the movies/TV industry, blockchain is being used to protect intellectual property which combats piracy. Each piece of content has a unique code and when uploaded to the blockchain, it cannot be altered. This puts the creators in control and allows them to be compensated fairly.
Moreover, with smart contracts, royalties for creators are much fairer and transparent. Also, the whole process is automated without the need for human interference.
What Does the Future Hold Regarding Blockchain in Online Entertainment?
The future of blockchain entertainment is exciting, while at the same time daunting. It’s going to revolutionize how content is created, distributed, and consumed by audiences globally.
Now, we are only in the initial phases, and the whole process should occur over the next few decades. From there, changes will be exponential as blockchains become more powerful.
As blockchain evolves, its integration with other emerging technologies like augmented reality, virtual reality, and artificial intelligence will completely change the online entertainment industry.
The results across the online entertainment industry will be transformative. Blockchain will be utilized to enhance fairness and transparency, whereas AR and VR tech will drastically change the user’s experience, being much more immersive and realistic.
The nature of blockchain’s secure and transparent infrastructure results in data privacy, fair transactions and secure digital asset ownership. With the inception of decentralized platforms, they allow fans to fund and even co-create projects which strengthen ties between the fanbase and the creators.
This can be done in the form of decentralized autonomous organizations or DAOs. All the rules are added to smart contracts to which the community agrees and the organization is run autonomously. This is one more trend we can look forward to in the future – automation of everything. It’s currently starting in automobiles, robotics, and blockchain technology.
Blockchain will also change ownership models in the online entertainment industry. Tokenized ownership, NFTs, and advanced royalty tracking will help to redefine monetization models making them fairer and more accessible to all creators. Furthermore, blockchain-powered streaming services will introduce transparency in viewership and revenue share.