Money turnover in this area is colossal and far from always as transparent as we would like. Also in this business, there is a struggle for the protection of copyright in the field of art. Cryptocurrencies and blockchain will change this in the near future.
Tokens cease to be an exclusively passive asset and become a full-fledged cash flow means. You can purchase a service for them, but still, they are something more than a means of payment. Smart contracts are a universal data storage tool that allows you to track each transaction and restore their details using a data log in which nothing can be changed.
What does this mean for the entertainment industry? It will be much easier to deal with copyright infringement, because encrypted data will be stored in smart contracts, with the help of which this data can be managed without intermediaries and unnecessary expenses. Blockchain is already in active use in the music industry and in the future its application will only grow.
One of the problems with micropayments in the entertainment industry is that the platforms by which these funds are collected charge a fee for their use, and artists don’t have much money left. Payments in cryptocurrency will avoid draconian interest and artists will receive more money from donations.
It's no secret that the representatives of the adult entertainment industry with the beginning of the global quarantine massively went to earn money in the online space. You can argue a lot about the moral aspect of such professions, but they exist as long as society has a request for them. Therefore, cryptocurrencies will be a salvation for their representatives, avoiding problems with blocking their accounts and other problems of this business.
Blockchain-based gaming is already a reality. In the gaming industry, it is already possible to earn and exchange assets within a decentralized network. Although most games still use centralized servers, the industry is not going to stop there. Actively developing new games on the blockchain. Here you can find a list of the most anticipated projects of 2020. Of course, while the graphics of such games can not compete with the level to which gamers are accustomed, but they still have ahead.
Of course, decentralized payments will be used not only for good purposes but didn’t the same thing happen before the invention of cryptocurrencies? While the pros and prospects of such financial transactions are clearly superior to the cons, therefore, cryptocurrencies in the world of the entertainment industry massively turn on the green light. Over time, technology will improve and we will have a lot of wonderful discoveries ahead.