Blockchain technology has definitely made a name for itself all over the world. What’s even more surprising is that people are discovering that it’s not just about cryptocurrencies – it can be used in the entertainment industry as well.
2020 is just a few months away and people are curious as to how this technology will be even more beneficial for artists and art enthusiasts. The only way to somehow be sure about it is to make predictions.
Artists Have More Ownership
Behind all the fame and awards, artists have often suffered financially because they don’t earn half as much as the companies that have rights over their intellectual properties. Clearly, this is a major challenge that discourages creativity from gaining popularity.
However, with blockchain now gaining popularity as a way to help these artists get their dues, this might just change by 2020. It’s inevitable that artists will look into the blockchain so they get the upper hand and own their work.
Royalties will be tracked through blockchain which will make it easier for artists to track transactions connected to their work. Not only will this eradicate the need for a middleman, but this will also cut down the costs on the part of the artist.
Stronger Protection Against Piracy
Piracy has plagued the entertainment industry for so long. May it be music, films, or other forms of art. While it’s already deeply embedded in the norm, blockchain is now seen to be the answer to this problem.
By 2020, it’s predicted that smart contracts and tokens will be widely used to track transactions related to specific content. This way, owners can keep track of whether something is done illegally and can protect their content against piracy.
While not all transactions can be tracked, it’s still a great solution to at least minimize damage and losses that piracy brings to these artists. This will give artists enough confidence to post their work without being too worried about losing profit.
Wide Use of Cryptocurrency
It’s obvious that the usage of cryptocurrency will go beyond where it’s being used today. In fact, the entertainment industry has already started exploring this as a means to make sales. Let’s take Fight to Fame as an example.
This up-and-coming reality show will be utilizing tokens to sell tickets to fans who want exclusive passes. The show’s cryptocurrency is called FF Token Champion Series Cards. It’s also pretty convenient and safe considering that it utilizes blockchain technology.
Startups are also predicted to use cryptocurrency to raise their capital and finance their plans. Those who want to be part of a project can purchase a token from said startups and have certain ownership over it.
As cryptocurrency becomes more and more common, 2020 is a year wherein cryptocurrency might just slowly take over how consumers can pay for services and can even fund several startups that utilize cryptocurrencies for capital.
Being such a versatile form of technology, blockchain will inevitably take over the entertainment industry in a wave. Not only because it offers plenty of benefits for the vulnerable artist, but because it’s also a way to start a project and promote their content.