How Has Digital Entertainment Embraced Crypto?
For more than a decade, cryptocurrency has been growing strong within relatively small, niche communities online. In the broader context of the world wide web, mainstream internet users have been surprisingly slow to take up the cudgels and embrace virtual currency – even in spite of the benefits.
There have, of course, been efforts to bring virtual currency to the masses, although it is widely believed that the confusion that continues to surround blockchain technology – and how cryptocurrencies even work – has sustained the reticence and suspicion that was first felt by the average internet user back in the early 2010s.
There is, however, growing interest within the online entertainment industry, and a palpable shift in favour of facilitating payments through virtual currencies, which may well hold the key for introducing non-users into the world of crypto. Read more below.
Utilising the gaming industry as a way of bringing virtual currencies to non-users has thus far proven to be arguably the most lucrative opportunity. Barring the hardware itself, the world of gaming exists solely within the digital realm –those consoles and PCs would lie dormant without digital content, which creates the perfect landscape in which to explore the potential for crypto among the masses.
In the digital gambling industry – one of the most popular and time-honoured niches within gaming – crypto is already proven its potential for use in creating a new wave of fast payout casinos, which offers strong benefits for both the user, and for the casino itself. The privacy, security, and low transaction fees are ready and waiting for internet users to take advantage of and, as crypto is no longer a new concept, it has time on its side for anyone who was once wary of the technology.
Similarly, we have seen titles released purely for the growing crypto market. Crypto Kitties, Neon District and My Crypto Heroes are just a few of the games serving to draw in larger crowds each year, and development is expected to gain traction over the next few years. What’s more, popular games like Minecraft have also begun to embrace the technology.
A little over a year ago, a new music streaming service titled Audius entered onto the scene. While it faced steep competition against the big leagues, such as SoundCloud, its utilisation of crypto ensured that it began life with a decided edge over other services. It promised to prioritise the needs of indie creators, and to avoid the most frustrating and costly features other sites imposed on musicians via blockchain technology.
The site remains relatively small to this day, but it is growing consistently among independent creators, and ensuring that the positive power of technology blockchain is being demonstrated in a clear, practical way.
Uptake within the movie industry has, by comparison – particularly with the gaming industry – been slow, although the technology has seen its fair share of attention within movies and TV shows. Anthony Mackie, for instance, has publicly extolled the benefits of crypto.
Similarly, crypto-funding is gradually moving toward the mainstream. At this point in time, it exists largely within indie productions such as the 2017 comedy No Postage Necessary, which was also made available to stream via crypto payments.
While the beginnings are small, we can anticipate that the collective uptake of crypto across the entertainment industry will gradually begin to snowball. As more users enter into the world of virtual currencies, and more companies invest into their content by means of crypto, the entire industry is likely to undergo a marked shift in favour of the technology. It may, of course, take more time than was first anticipated – this seems to be a hallmark of crypto among the masses – but many remain confident that change is coming.