How Cryptocurrency Can Change the Entertainment Industry
Across much of the media, the bulk of discussion around cryptocurrencies tends to focus on prices. While we are bombarded with daily headlines about the latest price of bitcoin, there is comparatively less discussion around the actual, real-world impacts of cryptocurrency as a digital store of value and as a useful digital infrastructure.
This is especially so in industries such as entertainment, which is rarely linked to cryptocurrency at all, despite the very real and profound applications of crypto within this sector.
You may already know all about the potential for the blockchain to change, say, the financial services sector, but what about entertainment? Let’s take a closer look at how cryptocurrency can change the entertainment industry and the consumer experience.
One of the most significant impacts we are seeing right now is in the world of online gaming. The rise of so-called pay-to-earn (P2E) games has been rapid and significant, with the industry now being worth billions of dollars a year.
These are games where the player can earn micropayments via in-game cryptocurrencies in real-time as they play, with leading market players such as Plants vs Undead or Gods Unchained enjoying a huge global customer base.
Meanwhile, MMO titles such as Kingfall or Ember Sword allow users to tokenize valuable in-game assets such as mods and skins as NFTs, giving them a more tangible value and increasing security at the same time. We expect to see more of this once the Metaverse finally gets going.
Secure real-money gaming
One sector that has already fully embraced crypto technology is the $100 billion a year online casino sector. With sites offering real-money slots, poker, and roulette games, cryptocurrencies have given players the chance to make secure withdrawals and deposits, while also enjoying an extra layer of privacy and discretion.
The phenomenon is so ubiquitous in the industry now that some major platforms such as BitStarz now specifically market themselves as crypto casinos, where users can play their favorite real-money games using a variety of popular crypto and fiat currencies.
Some casino platforms have been offering crypto payments for years now, highlighting how this particular industry has always been ahead of the curve when it comes to the blockchain.