There is a way the whole entertainment embrace blockchain with no Risk at all

by Susan Carrie Susancarrie

With technology becoming more broadly known within the mainstream, it is conventional that 2018 might be the year that we see several industries, including the media and entertainment businesses, embrace blockchain. The strength of demand for iconic celebrities in the music industry to perform at live events is too much for usual supply chains to meet, and both celebrities and their fans lose out. For celebrities, it could mean lost revenues and for fans, it could mean a missed opportunity to see one of their favourite celebrity. Blockchain technology is the solution to this problem which aims to extend the reach of events for the sold-out shows through allowing the celebrities to sell unlimited tickets and digital merchandise.

Benefits in place of hurdles

With the growing acceptance of the blockchain technology, it would certainly become easier for the celebrities as well as the fans to obtain good quality music and entertainment content with the help of blockchain-based platforms. It would also be easier for the content creators to bring their content in front of the viewers. Using blockchain technology will eliminate the hurdles of making premium content and virtual goods containing licensed music and celebrity assets by proposing clearinghouse services through Smart Contracts which automatically pay individual rights to holders and producers.

Celebrities getting involved in ICO’s

Celebrity-backed ICO’s entangle the latest media buzz in the cryptocurrency space. Some companies visualise combined virtual reality (VR) and blockchain technologies as a solution to the problem of overwhelming demand for concert tickets exceeding supply. Several celebrities have thrown their name into the ring through social media, backing their chosen coins and start-ups. Endorsing several projects on blockchain technology and investing in ICOs have become a common activity among celebrities. The blockchain technology will enable the celebrities to sell unlimited virtual tickets and digital merchandise, while fans would have a more reliable and secure procurement platform, which can deploy smart contracts to provide respective rights holders and publishers automatic payments from such transactions. The users will also get the option to give a final vote on the performances they would like to see with Final.Vote. The owners having token will be able to take part in actual celebrity concerts, theatre performances, and sporting events. It will also enable the fans to have a say in the uplifting of artists to celebrity status by using “Final.Vote” with their tokens when they buy celebrity minted coins, merchandise, and access to VR shows (https://final.vote).

Excluding middlemen and undermining the influence of industry doorkeepers.

Tokenization will allow the celebrities to raise reserves upfront without depending an advance from their record label. In the meantime, allocating content through blockchain would allow the celebrities to skirt streaming platforms for earning payments on their own terms. The success of this technology depends on attracting users, but there are mutual incentives in place - on both the celebrity and consumer. This is something the celebrities in the entertainment industry have been fantasizing about from the beginning of time - with no risk at all, to be free of doorkeepers and to communicate freely with their fans.