It only feels like yesterday that the primary use of cryptocurrencies like Bitcoin was solely for novelty purchases. Notoriously, the first-ever Bitcoin transaction was when somebody traded 10,000 BTC for a pizza in 2010. Today’s value would make that amount worth north of $900m.
Now that Bitcoin has entered the mainstream, it’s permeated every industry. Although the entertainment industry might not be the first one that springs to mind, it’s been impacted just as significantly as any other.
Some may argue that it’s had a larger impact on entertainment than it has in most other industries, so let’s examine and delve into some of the reasons why some experts and industry analysts think this.
Alternative Payment Casinos
We can’t discuss the modern entertainment industry without touching on the incredible impact of online casino gaming. Traditional casinos may have laid the foundation and been responsible for a large chunk of the industry’s growth, but by saturating the market, they also laid the foundation for the rise of alternative payment casinos.
Within this small niche in casino gaming, a few options emerged. Sweepstakes casinos first emerged as platforms that offered a similar experience but removed the need for gamers to deposit their funds to play. Instead, those who used sweepstakes casinos would use the site’s virtual currencies, commonly known as gold coins and sweeps coins.
Ultimately, this is the only difference. I’ve had sweeps explained to me in the past, but the key difference is that they use virtual currencies that can be obtained for free. Everything else looks and feels the same, even down to the designs of the slots and the commercials you can find on their site or mobile app.
Cryptocurrency Platforms
Sweepstakes shone a light on the potential within the niche corners of the casino gaming world, but the incredible rise of Bitcoin over the last decade has led to it becoming the most profitable investment of the 2010s and, more recently, the most profitable asset of all time.
The blockchain underpins cryptocurrency and has made it an attractive proposition for casinos. Instead of having to enter card details and personal information, crypto platforms request a wallet-to-wallet connection.
Although there are other ways to protect yourself from data leakage, if cybercriminals target a cryptocurrency casino, they will target the casino’s wallet rather than the massive amount of personal data that traditional casinos hold, which is usually the target for nefarious agents online.
Changing The Way Casinos Store Data
Unlike traditional providers, no personal or card information is stored on the site server. For those who have invested in cryptocurrency and understand how wallets work, crypto casinos are an easier way to play, and some users feel more they are more secure.
This means that traditional providers, who pretty much had it all their own way for the first decade of their existence, have had to adapt to the rising use of cryptocurrency in casino gaming.
Some traditional providers have implemented payment systems that allow cryptocurrency use. Others have adapted to offer a broader range of e-wallet solutions but stopped short of crypto. However, of all the areas in the entertainment industry, cryptocurrency casinos have perhaps played the most prominent role in reshaping it and welcoming the inclusion and implementation of blockchain technology and cryptocurrencies.
Nfts, The Music Industry And Other Use Cases
Social media has given fans unparalleled access to their favorite stars, and while we all know this has caused several problems, there have been plenty of positives too. One of the primary positives has stemmed from the use of cryptocurrencies.
Crypto has provided a pathway for artists to sell directly to their fans and receive payments for products and merchandise directly via the peer-to-peer option that cryptocurrency wallets provide. It’s shown the big agents and CEOs in the industry that they might not be as necessary in marketing and merchandising anymore, especially if those in the entertainment industry with big social media following can sell directly to their fans.
Blockchain could transform the music industry in many ways, including through NFT collectibles and tickets. While NFTs may have peaked in 2022 before the market crash, they’re currently experiencing a revival of sorts.
NFTs provide a unique transaction on the blockchain. Herein lies both the scarcity and value for entertainers looking to launch limited edition collectibles or eradicate issues that can arise from traditional ticket systems and websites.
Final Thoughts
Cryptocurrencies and blockchain technology have injected a new level of transparency into the entertainment industry. They’ve allowed people to break down the barriers that have existed in the past and to do things differently.
As cryptocurrency technology is relatively new, there are still teething problems, including the industry’s requirement for proper regulation and some of the issues that have arisen from celebrities plugging their own cryptocurrency and tokens on social media.
However, by democratizing areas of the entertainment industry, including ticket sales and fan ownership, the technology has made people sit up and take notice of the possibilities and potential that lay ahead if implemented correctly.
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