Cryptocurrency is making its way into mainstream culture.
For those who keep up with technology, we are already pretty aware of cryptocurrency and the buzz around it.
But for others, defining blockchain can already be a stressful moment.
However, this might change with blockchain entering the entertainment industry.
An ethereum funded movie already made it to Hollywood, what’s more to come you asked?
Blockchain in the entertainment industry is not entirely a new thing.
Imogen Heap, Remix Artist Collective (RAC), 50 cent and Björk, such different artists but they all have something in common. Yes, allowing cryptocurrency as payment.
50 cents was the first to do it in 2014 by implementing Bitpay on his Shopify website, allowing fans to use bitcoin as payment.
Björk will allow her fans to use bitcoin and other cryptocurrencies to purchase the album that is out on 24 November this year. RAC and Imogen Heap allowed fans to use ether to purchase their album.
According to Quartz, Imogen Heap is trying to build a “fair trade music industry that aims to sidestep middlemen like iTunes and Spotify and give musicians more ownership over the money and data produced by their work.”
The purchase of her latest song, Tiny Human, will go directly to the artist and those involved in the production.
Heap wants to create a free platform for artist to have the control over the data created by their music and blockchain technology will be used to track such data.
“There’s a whole world behind each song…there’s a lot of data there and a lot of wasted data that’s not being harnessed to give back to the artist,” Heap said.
She stated such information is valuable feedback.
“It’s so, so important to be able to know where your fans are, what they are listening to, what is exciting to them about what you are doing.”
SingularDTV echoed these sentiments by creating a new entertainment studio and the birth of Tokit, ethereum’s first multi-smart contract application.
As the first of SingularDTV’s suite of decentralized applications to launch on the blockchain, the aim is for artists and creators around the world to have the ability to equip their projects with the power of tokens and tokenized ecosystems.
According to CEO of SingularDTV Zach LeBeau, such ecosystems allow mutual benefit for audiences and artists from the success of a film or television show, and with no gatekeepers taking all the profit from the creators.
Co-founder of SingularDTV Kim Jackson said in a statement that SingularDTV grew out of the need for a profitable revenue model for independent artists.
“With blockchain technology, we are developing tools for a new entertainment economy, that will empower artists and provide a profitable new value exchange with audiences,” she said.
The project was built upon the understanding that there is an elaborate system of gatekeepers that oppress and suppress expression.
With a strong statement of giving back the control to artists, LeBeau believes “there is an even more elaborate system of intermediaries that extract value and revenue from that expression, making it nearly impossible for most to make a living from their art.”
This sounds like a shift in the future for the entertainment industry.
SingularDTV stated two such scenarios that will happen from this.
- A new type of artist and fan relationship will be born and the sustainability of the artist is assured.
- Television series is said to never die if tokenised, and SingularDTV will be producing shows to prove that point.
So what we have now is a lot of advancement in the entertainment industry, but will it attract the regular crowd that isn’t too invested in having cryptocurrency.
If the entertainment industry does shift to that, will it become imposing for all to have cryptocurrency if it becomes more mainstream?
Such a change is pretty big for many who is not aware of cryptocurrency. Whether they will pick it up or be ‘forced’ to pick it up can only be discussed in the future if the industry shift towards this direction.
But the future isn’t too far away with such progress catching up.
Maybe its time to open a digital wallet eh?
Warning: Buy Now, Pay Later racks up Debt nearing $1 billion over the coming Christmas holidays.
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