How Digital Currencies Are Changing the Entertainment Industry
It’s no secret that digital currencies have transformed the way we do things – and can become a real opportunity for individuals to make a substantial amount of money through the buying and selling of assets.
Yet, it isn’t just organizations and the financial sector that have been profoundly changed by the new digital currency phenomenon. The entertainment industry has also been severely affected and altered with the launch of cryptocurrency.
The entertainment sector as a whole is enormous. In the United States alone, it’s worth more than $700 billion and it continues to grow. The launch of digital currency in the entertainment sector has solved some of the enduring, recurrent issues.
It is fair to say that with crypto currency impacting a range of industries – just like the entertainment industry – as younger generations start to become more aware of the positive changes that are being made thanks to the developments in the online trading market. It will no longer be just business professionals, entrepreneurs and investors, which has always been the case. A lot of courses and
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Blockchain Technology in the Entertainment and Media Areas
There are quite a few benefits when it comes to applying blockchain in the entertainment and media niches. Firstly, blockchain technology can be utilized to monitor the whole life cycle of virtually any asset. This helps hugely in decreasing the piracy of copyright. Secondly, it aids in keeping digital content safe while also helping the delivery of original digital memorabilia.
Security, piracy and delivery are just some of the biggest challenges the entertainment industry has to deal with. Yet, with the use of digital currency which operates using blockchain technology, these issues are ironed out rapidly.
Digital Currencies Tackle Copyright Piracy
As mentioned briefly above, digital currencies reduce the amount of intellectual property infringement and piracy. From out-and-out digital plagiarism to fake copies in distribution to the copying of digital possessions and breach of intellectual property, the entertainment sector has been fighting quite a few wars, costing the industry billions of dollars annually.
Thanks to digital currencies, content creators and artists can digitize their content’s metadata to see the organization and storage of copyrights on a register.
This register is reliable, as it includes a timestamp and an irreversible nature. Since the blockchain characteristic of these digital currencies includes the append-only property, it makes the official implementation of rights incredibly simple, should an infringement occur.
Benefits of Digital Currency in the Entertainment Sector
The launch of digital currencies is drastically transforming the way everything is performed and this comes with several advantages, including:
- Drastic decrease in the instances of copyright infringement. This is sustained predominantly by anyone engaging in piracy and more effective types of content delivery
- Distribution of content. Tokens are now available for fans to purchase tickets for fighting events, for example. Cryptocurrency tokens mean fans can access the most exclusive VIP offers
- Ease of monetization. It becomes a breeze to direct monetization to all assets that are under copyright labels, thanks to the existence of p2p micropayments and a range of clever contracts.
- Entertainment content is accessible to fans worldwide. In addition, this works as a means to raise money for the entertainment stars. Thus, it’s no surprise that numerous online entertainment platforms these days are receiving and incorporating all manner of digital currencies on their systems.
The implementation of digital currencies in the entertainment industry is extremely encouraging and a trend that’s likely to continue well into the future. It’s no wonder the cleverest players in the industry are accepting digital currencies at every level.