Crypto is absolutely massive right now and is set to grow in influence, especially in the entertainment industry. Even now, we’re starting to see crypto have more uses than ever before, with the UK seemingly leading the way in the move to integrate crypto and place them firmly on the map for potential investors and developers. Regulation will go a long way in aiding this too. After all, crypto is the future and if you don’t adapt, you get left behind.
What’s the Position of Crypto in the UK Entertainment Industry?
The brief answer is that it’s a minimal position. The slightly longer answer is that we are not yet in a position to make judgments on whether crypto is leading the UK entertainment scene because it’s still a relative unknown. To state that crypto is leading the entertainment industry, especially in the UK, would be to deny reality and create a false image of what’s currently going on in the entertainment space.
There are limited uses for different cryptocurrencies in the UK right now, primarily in the gambling and gaming spaces, but these integrations are limited at the moment, though we would expect them to become more common moving forward. There is definitely an appetite for crypto in entertainment, but currently, now the infrastructure does not exist in the UK.
That isn’t to say that this won’t change in the future. Whilst crypto isn’t leading the UK entertainment industry just yet, that isn’t to say that it won’t in the future and it’s entirely possible, and maybe even likely, that this will take place in the not-too-distant future. if we are able to make crypto more accessible and integrate more uses for it, this happening is almost a certainty.
What are the Uses of Crypto in Entertainment?
There are limited uses for crypto in entertainment, but the UK has a special interest in NFTs. The vast majority of these uses are in gambling and gaming, with a few platforms beginning to accept crypto as a form of payment. Players can add to the digital wallets using crypto, with some stores even adding discounts for players if they pay using a digital currency, in an attempt to increase interest.
In the gambling space, there are a number of online casinos that now accept crypto as a form of payment, with this number increasing all the time. This is likely due to the fact that crypto offers anonymity and is not subject to the same regulations as traditional fiat currencies, though this may change, especially in the UK as the new regulations are currently in development.
When it comes to gaming, there are also a number of online gaming platforms that now encourage the use of crypto as a form of payment for games and in-game items. This allows for the integration of new possibilities for game developers who can create games that use cryptocurrency directly. Love them or hate them, microtransactions are part of the industry and crypto will soon be integrated into this.
What are the Benefits of Crypto in Entertainment?
There are a number of benefits that crypto can offer the entertainment industry.
The first, and most obvious, is that it opens up new revenue streams for both businesses and developers. platforms that accept crypto as payment will be able to tap into a whole new customer base, which is only going to grow as time goes on. Developers can create new games and experiences that use cryptocurrency directly, which could lead to new game mechanics.
Another benefit is that it offers more anonymity than traditional fiat currencies. This is especially beneficial for gambling platforms as players will not have to input their personal details when making a deposit or withdrawal. This also helps to protect problem gamblers as they will only be able to spend what they have in their wallet, and not leverage any real-world assets.
Finally, crypto also has the ability to make purchases more transparent and less likely for fraud to take place. This is because all transactions made using cryptocurrency are recorded on the blockchain, which provides a public record of all transactions made. This would make it much harder for people to steal from businesses or defraud customers because of the digital paper trail.