Cryptocurrency has the power to transcend the limitations of traditional fiat payments with credit and debit cards in the online world. So, it isn’t surprising that the digital entertainment industry is embracing these new digital currencies.
Cryptocurrencies, such as Bitcoin and Ethereum, improve the way we consume digital commodities and pay for entertainment. For instance, you can play casino games with cryptocurrency here: https://www.bovada.lv/
With faster transactions and low fees, it’s evident that both creators and consumers can benefit from the cryptocurrency revolution. From online games to streaming, here are some of the top ways the industry is set to change in the future.
Making money from playing games
In recent years, play-to-earn gaming has become huge. Games such as Axie Infinity, The Sandbox, and Tamadoge have seen people earn money while playing fun online games. In lower-income countries, it was reported people could earn a living by playing blockchain-based games online.
Furthermore, online open-world games have started using blockchain and crypto. Many have created their own native currencies that can be used to buy in-game items and vote on game features and storylines. Blockchains can be used to store users’ game data, so it will never be lost, even if the game company closes down.
Online gambling with cryptocurrency
Cryptocurrency is perfect for online gambling. More and more digital casinos are accepting both fiat and cryptocurrencies or making the jump to exclusively crypto payments. Gambling with cryptocurrency comes with huge benefits for the players and the casinos, whether it’s increased privacy, faster transactions, or low transaction fees.
Crypto allows users complete control over their funds, which makes the online casino experience more secure and discreet. Playing with crypto allows users to send funds and receive profits faster than in traditional online casinos. Cryptocurrency is kept in a user’s digital wallet and cannot be frozen or taken away by any bank or government organization.
Payment for tickets & concessions
It was reported that film exhibition company AMC Entertainment now accepts Dogecoin (DOGE) and Shiba Inu (SHIB) as a form of payment, according to Bitcoin.com. AMC also accepts Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Movie theater chain Regal also accepts payments in cryptocurrency, following the lead of AMC. As more and more people acquire cryptocurrency, this payment trend is only set to grow in cinemas, sports venues, and digital entertainment services.
Reduction of film and TV piracy
A major problem for the film and TV industry is piracy. However, cryptocurrency technology may hold the solution. “Blockchain could be used by tying it to content to not only track but prohibit its usage around the world,” reports Forbes.
Blockchain may also help to divide profits and royalties between the different parties involved in media production. People involved in filmmaking may receive payment in the form of a cryptocurrency and blockchain may facilitate a fair way of distributing royalties.
Rewarding content creators online
Cryptocurrency is a great means of paying creators for the content they publish online. For example, the Brave browser, an alternative to Chrome and Firefox, allows users to donate BAT tokens to their favorite content creators on Youtube and other websites.
Other web3-forward and social media companies are experimenting with rewarding creators with tokens for publishing top-quality content on their sites. This should help creators earn what they deserve directly from the people who enjoy their content.
Without a doubt, cryptocurrency is going to change the digital entertainment industry. It’s not a case of if but when. Those who have already adopted cryptocurrency understand its incredible benefits and uses. With cryptocurrencies, users can withdraw winnings instantly, enjoy increased bonuses, and take advantage of privacy.
Crypto grants people complete control over their funds like never before and offers instantaneous transactions. It’s only a matter of time before more and more of your favorite companies begin accepting crypto payments.