Entertainment has undergone a compelling evolution over the past decades. We have almost permanently relocated to a digital realm where entertainment is endless, quicker, and easier to access. Never before has the online space been so dynamic. Therefore, it makes sense that customers are provided with the right tools to match these heightened expectations. Cryptocurrency and its characteristics are the perfect partner for an entertainment industry that is becoming more online and digital.
No middleman
The whole concept of cryptocurrency and blockchain technology, which powers the running of cryptocurrencies, is designed so that there is no need for third parties to regulate and authorize payments. That means that any artist or operator in the entertainment industry can effectively get their content out to more fans or users without the risk of intervention by a third party trying to gain a cut of any transaction if it supports cryptocurrency payments.
The decentralized nature of Cryptocurrency means that it is essentially self-governed, without regulation under a certain jurisdiction. This also eliminates the influence banking and financial institutions have on purchasing habits and further streamlines online payments due to the absence of potential two-step authentication to verify payments.
More options for the customer
Even if an operator does not accept Cryptocurrency yet, there are signs that operators are starting to slowly align themselves with Cryptocurrency, which will ultimately empower customers with more choice as to how they wish to pay for things. The rise of Cryptocurrency is already being recognized by big names in the entertainment industry such as streaming service, Netflix, popular game Call of Duty (COD) and a handful of online casinos. As cryptocurrency stock continues to rise, using a crypto resource will become more worthwhile, particularly on online casino platforms with more providers supporting monetary deposits and withdrawals with Cryptocurrency. Certain online casino providers also provide an option for the player to convert transfers via more traditional payment methods into Cryptocurrency.
Netflix and Call of Duty have also introduced Cryptocurrency into their packages, although not as a direct payment method yet. On the two platforms, users can buy gift cards with their Cryptocurrency, which can be redeemed and used to pay for a subscription in Netflix’s case, or for in-game rewards on COD.
The ease and speed at which you can use cryptocurrency provides the type of advantages that people nowadays are becoming accustomed to. The online world of entertainment is exploding, with eSports also starting to emerge into the mainstream, and the chances are that more people will want to get involved in it. With competition in the industry fiercer than ever, the need to provide the quickest, safest, and most convenient method to access and use a service is gaining increasing importance. Getting on board with cryptocurrency might be the answer now, and in the future, inspiring a new era of growth and innovation in the entertainment industry.