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Can blockchain and NFT benefit the media and entertainment industry?

Digitization has dominated the world, and the media and entertainment industry is no exception! This industry has had a lot of development since digital transformation has touched the field. Any blockchain development, particularly those specializing in blockchain game development company, can help you learn this.

Explore how blockchain and NFTs are reshaping the landscape of digital games, offering unique opportunities for content creators, enhancing in-game asset ownership, and revolutionizing the gaming experience. Discover the transformative possibilities and benefits that blockchain and NFTs bring to the dynamic intersection of media, entertainment, and gaming.

Let us understand this via examples. Suppose your favorite musician is up with some new compositions; there will be no wonder to listen to those songs on music-oriented digital platforms. Or you will find the most reputed shows being broadcasted on OTTs first.

Why does this happen? The answer is digitization. Users prefer to have content with a single click. Moreover, they can watch, listen, or read it at their convenience. This is the power of digitization. As a result, users are more used to the comfort of watching a series from home rather than going to the theater for every launch.

However, growth is where opportunities lie. It has led to the incorporation of many technologies in the media and entertainment business. For example, artificial intelligence is in the Netflix suggestions. Two more advancements are part of this growth culture- blockchain and NFTs. Yes, they help the media and entertainment industry grow with their features.

How?

Let’s know about it. But first, we will learn about the status of the modern entertainment industry and the challenges it faces.

The modern media and entertainment industry

  • According to Market research Future, the global media and entertainment market is expected to reach USD 5099.2 million by 2030.

The rise and shine of this industry have no barrier! You can witness numerous platforms coming up with diverse and rich content every day.

The media and entertainment industry brings relief and fun to everyone’s life in this fast-paced world. Today, various mediums and platforms work dedicatedly to furnish users with the best content. When we take a closer look at this industry, there has been gradual but vast development from black and white movies to short films and 3D ads or films. In addition, many advanced technologies have been part of this massive growth. However, this growth and ever-growing demands of this domain lead to many challenges.

What are the challenges of the modern entertainment industry?

The current media and entertainment industry deals with a constant need to deliver updated content to varied platforms. Also, digital entertainment forums need faster delivery. In addition, users demand a smooth and effortless experience while looking out for content. Moreover, it needs to have a robust technological environment to address these issues and generate and maintain revenue structure. Furthermore, the privacy or duplicacy of the content is one more issue.

Many developments, such as artificial intelligence, DevOps, blockchain, and NFTs, contribute to tackling some of these problems. Let us understand how blockchain and NFTs can be helpful in it.

How can blockchain benefit the entertainment industry?

  • According to Fortune Business Insights, in 2022, the global blockchain market was USD 7.18 billion.
  • Moreover, it may have a massive rise of 56.3% and reach USD 163.83 billion by 2029.

Blockchain has its uses across almost every sector. The list includes the financial industry, education domain, and art and entertainment field too!

But how does it contributes to the media and entertainment industry?

In this industry, blockchain can help in privacy and sales. In addition, its features include transparency, cost optimization, and avoiding fraud. Also, it helps to have reduced the fluctuation of intellectual property. This definitely affects content quality. Moreover, it offers efficiency, data improvisation, and improved trust. Further, it helps in peer-to-peer sales and content distribution.

 Significance of NFT in the entertainment industry

  • According to Globe News Wire, in 2022, the worldwide NFT market will have a value of USD3 billion.
  • By 2027, its rise is predicted to have a value of USD 13.6 billion.

As digitization is growing drastically, the need for efficient technologies is increasing. Though the pandemic highlighted the use of the digital world, it seems to be on the trend even after things get normal.

NFTs being one of the powerful concepts, plays a vital role in making this industry robust too. Moreover, it benefits the industry with several advantages to elevating the experience of the digital entertainment industry.

Benefits of NFT in the entertainment industry

Embracing the foundation of blockchain technology, NFTs hold remarkable potential, especially when integrated into the world of gaming. Beyond their use in general blockchain applications, a specialized NFT game development company can harness the intrinsic benefits of NFTs to redefine the gaming landscape.

NFTs, rooted in blockchain, offer unparalleled advantages such as transparency and the preservation of copyrights, transforming the gaming experience.

It helps in the revenue system. For example, suppose a musician wants to record and launch a song. Then, with NFT, the musician can launch and connect directly with an audience. Therefore, it becomes a direct connection between the artist and fanatics as the artist directly sold the song as an NFT to them.

One of the biggest advantages of NFTs is they can help and encourage upcoming artists. Suppose any upcoming or newbie artist wants to make an audience or connect with the world; it is difficult to do it on larger platforms due to the high competition. However, NFTs can totally change this.

How?

Any artist can connect with their followers on social media platforms. They can share their work over there. Later, they can launch their work in NFTs, and the audience can purchase directly from the artists. It removes all the barriers that otherwise would have been trouble for a newbie artist.

Another advantage of NFT and blockchain is that they take care of any art piece’s copyrights. When copyrights or ownership details are stored in a digitized blockchain system, there is no chance of duplication. Therefore, it saves and gives the rights to the owner. As a result, this eventually keeps from getting content posted by imposters.

Conclusion

The media and entertainment industry is only up to witnessing the elevation in further years. There will be more advances, more discoveries, and more growth. However, staying in the trend or developing the trend is in the creators’ hands.

Strive to be technologically advanced and connect with any noble blockchain or NFT development company to add more advancement to your project.

Also read: Developing NFT Gaming: From Concept to Blockchain

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