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Benefits of having a decentralized entertainment industry

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Blockchain has revolutionized shopping, security, and finance, and now it’s poised to revolutionize the entertainment industry.

The general belief was that the uses of blockchain technology and decentralization were limited to cryptocurrencies, but this is changing drastically as financial institutions, agriculture, healthcare, and governments have begun to adopt it. .

While the most visible changes have taken place in the financial sector, blockchain technology is also impacting many others, potentially leaving a lasting impression on the entertainment industry, how content is produced, distributed and consumed. to the relationship between the public and the creators.

Cryptocurrency and NFTs are rapidly revolutionizing the way movies will be funded and distributed in the future, and entertainment executives are already recognizing the benefits of using smart contracts to influence deals and as a secure alternative to traditional negotiations. .

Everyday consumers will be able to help fund their favorite projects and even earn a profit for their part in movies through pre-sale NFTs, allowing creators and audiences to move away from the middleman and become more independent. Independent filmmakers will also be able to navigate the complex web of film funding and tap into a vast pool of new resources, from both mainstream investors and crowdfunding platforms powered by blockchain technology.

The absence of borders will also allow consumers and creators around the world to access features and interact with the industry in ways they previously could not.

Decentralization has already made its way to Hollywood. AMC Entertainment Holdings’ announcement they will accept Ether, Bitcoin, and Litecoin for ticket and concession purchases at their theaters, and Google Cloud has announced their Partnership with Canadian startup Dapper Labs to support and scale Dapper’s Flow blockchain.

On top of that, companies like Robinhood, Coinflip, and PayPal are all tapping into the star power of celebrities like Tom Brady, Matt Damon, and Neil Patrick Harris to encourage widespread adoption of cryptocurrency.

While Hollywood’s decentralization has come a long way already, interest in technology only seems to be growing day by day among creators and consumers alike. There is a serious need to increase access and funding for filmmakers, writers and actors, and decentralization allows these creators to have such opportunities in the spotlight.

Studios and crowdfunding platforms are actively exploring blockchain technology, which is a transition point for the film industry. Media and entertainment will completely transform over the next decade, deploying new technologies to distribute media and collectibles via blockchain.

Leading this revolution will be SOLISa multi-company ecosystem providing the tools for creators to create on their own terms with its curated marketplace and utility token, $SOLIS.

SOLIS’ mission is to increase the engagement experience between audiences and creators, ultimately democratizing the creation and monetization of interactive content. This creates an inspiring environment for budding filmmakers, actors and writers, allowing professional creators to interact with their biggest fans.

Additionally, the reach of SOLIS in the industry creates new opportunities for consumers to engage with and, if necessary, support the filmmaking process as well.

The project generates revenue in both traditional and non-traditional ways, including through production management, content monetization and advertising revenue, as well as the sale of NFTs and the $SOLIS token.

With groundbreaking companies like SOLIS bringing incentivized collaboration and participation to the space, it won’t be long before interactive content becomes the norm. This is a project to follow very closely in the months to come.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

Sources

1/ https://Google.com/

2/ https://cryptodaily.co.uk/2022/05/benefits-of-having-a-decentralized-entertainment-industry

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