Global infrastructure decentralization is on its way down. The impact is already being felt in some aspects like finance. Now, it also affects the entertainment executives and they are beginning to understand how it may have a great impact on their businesses. Although not frequently used, there is a potential to alter entertainment contracts. This may come true through smart contracts that are depending on the blockchain.
The movie and entertainment sector is prepared to redefine its business activities with the use of crypto and blockchain, allowing for safe, transparent, and traceable transactions over the market.
The Changes in Hollywood
Changes are already obvious to those seeking indicators.
AMC Entertainment Holdings has already claimed and publicized that by the end of 2021, it will take Ether, Bitcoin, and Litecoin to serve as their purchasing ticket. Google Cloud has declared a collaboration with Dapper Labs, a Canadian startup, to back up and scale the blockchain system of Dapper’s Flow.
The Developing Trend in the Entertainment Industry
Movie enthusiasts can now own a portion of a film thanks to transactions using NFT payment. Officially licensed content has been provided as NFTs by Terra Virtua, while OpenSea gives off a variety of virtual movie poster NFTs. Marvel and Fox have also dabbled with NFTs, creating a complete NFT version of Deadpool 2 limited edition. MGM has teamed up with VeVe to distribute a series of NFTs digital assets in conjunction with the distribution of the current James Bond movie – the No Time to Die.