Hi there, this is Lucky Ali, and most welcome to my other blog. As far as I know, there is a major problem with the entertainment industry, and that is ownership rights and fair payment. Talking about producers, artists, and the original creators struggle with this particular thing only thing they want is royalty and credit. That is why blockchain is essential here because it is a revolution for the music and entertainment industry.
Blockchain is a digital ledger, and this is its core. Blockchain is all about recording transactions securely and transparently, and it is also the most secure and tamper-proof. So now let's understand how these features work for the music and entertainment industry. In the music and entertainment world, a unique identity is everything, and only blockchain can provide this facility to creators. Dispute and manipulation created by the middleman is not gonna work because it is impossible. Royalty, ownership proofs, and transactions are permanently recorded in blockchain.
For understanding in detail, you have to see the example, so let's you create a song and upload it on the blockchain, and that is a non-fungible token. Now next thing you can do is set royalty percentages, so now everything is done by you. Now you are song is live, so every time your music song is streamed, used in any movie, downloaded for use, then you receive your portion, and this happens because of smart contracts. Not only this, but other contributors such as producers, lyricists, composers, and you as a singer receive payment. You don't need to wait for months for own money that you deserve. There is no middleman.
Using platforms like Opuss, musicoin, and Audius as an artist, you can monetize your music directly after uploading it to any of these platforms. You do not need to depend on centralized authorities. Using NFTs, fans can directly invest in your project and track ownership, and prevent piracy is easy here. This is applicable to filmmakers and digital artists, too. So this is a boom in the entertainment industry when blockchain goes mainstream here.
There is an opportunity for fans, too, because fans can own limited edition products of their favorite artists. Blockchain + entertainment means a win-win situation for both. There is adoption is still going on, and technology is ready, but there is an issue that is regulation, which is why the entertainment industry is not accepting blockchain openly. But things are changing, and you will see that blockchain and the entertainment industries' great collaboration.
To be frank, blockchain is a revolution for the entertainment and music industry, and things will improve. Now, do you have something to say regarding this information? Then please let me know in the comments and share this article. Have a good day ahead.
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Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring. Thank you, hive family ♥ |
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