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Technology, transformation of how we consume content, interact with artists and work together. One of the areas in which innovation is evident is the blockchain technology, a decentralized digital book that allows safe, transparent and efficient transactions. In this article, from music to film and beyond.
Music Industry: Birthplace of Blockchain music
In 2014, the South Korean DJ and the producer published a viral hit song “Gangnam Style”, which meant the beginning of the blockchain entrance to the music industry. But it’s not just a song itself; The use of cryptocurrencies, namely bitcoin, has triggered the purchase of its own song rights and a global conversation on decentralized ownership and control.
Technology technology could be applied beyond the financial transactions to the creative industry, where today we see Blockchain music platforms as a bandcamp,
Ascension of decentralized finances (Defi) in the entertainment industry
Blockchain technology has also been used for decentralized finances (Defi), a concept that allows peer-to-peer transactions without the need for intermediaries. Defi platforms as MakerDao and compound allow users to track
NFT markets (Non-Fungible tokens), such as OpenSuea, allow artists to create, sell and buy unique digital collector items such as rare items in a game or exclusive music songs. This is not only the moral of the artist, but also provides new ways to participate in fans with their favorite creators.
Film Industry: Delivery content allowed blockchain
The film industry is another sector in which blockchain technology has made significant advances. Companies such as Filmbuff and Redbox use blockchain -based platforms to allow safe, decentralized delivery and content authentication.
For example, Filmbuff allows users to buy, sell and trade in movies through a blockchain -based market, reduce piracy and increase revenue for studies and distributors. Similarly, the Redbox “Pay-Per-View” (PPV) uses blockchain technology to facilitate safe transactions between consumers and content providers.
Why blockchain in the entertainment industry depends
Why should entertain companies invest in blockchain technology? For one, it offers a number of benefits that can improve their business models:
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- New revenue streams : Blockchain can allow new business models such as decentralized markets and NFT.
Calls and opportunities forward
While blockchain technology has a huge promise for the entertainment industry, there are also challenges to overcome:
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