How Blockchain can Change the Entertainment Industry and Why You Should Jump On board now

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Blockchain technology is a dispersed global network of computers that cryptographically record transactions on an open ledger. Blockchain technology basically creates trust in a usually trustless environment by making records provably fair, tamper-proof, and securely encrypted. Blockchain technology has already activated a revolution in the finance and economic domains because it’s nearly too late to close cryptocurrencies. One of the key challenges faced by the entertainment industry today is that it is difficult to precisely calculate the tangible value of an individual celebrity. Out-dated metrics such as media references or social media relations are easily influenced through advertising and promotions. This article will discuss the impact of blockchain technology in the entertainment industry and how celebrities can make use of it:

Getting ICO’s to Entertainment Industry

Each years, millions of concert ticks are sold globally. Even though the advances in entertainment industry over the last few years, the need for live entertainment is as high as ever. Blockchain technology allows the celebrities to sell their tickets in the form of tokens, making the transactions more unified, easy and collectively consistent. For example CEEK, birthed out of Sacramento California, is carrying an unparalleled but assisting kind of disruption by merging entertainment (music) Virtual Reality, and Blockchain technology. Blockchain technology will allow the users to have celebrity minted coins and virtual merchandise items which take on the qualities of cryptocurrency. It will allow the artists to “mint” their own tokens rather than running their individual ICO. All the coins and virtual items are controlled by a monolithic smart contract which decreases the gas cost of these transactions by 10x.The token holders will be able to participate in real celebrity concerts, with be able to vote for them with Final.Vote, sporting events and theatre performance. They will also be able to make purchases, vote for content and use some control over the programming. Users will get the chance to give fair customisable voting with Final.Vote on what performances they would like to see by using their tokens (https://final.vote).

Celebrities Could Get a Platform to Take Their Followers to Blockchain

Using the blockchain technology for interacting with the fan communities, the celebrities can introduce millions of new users to the crypto industry. The celebrities including Paris Hilton, Jamie Foxx and Floyd Mayweather, have already recognised several projects on Blockchain or publicly capitalised in ICOs. A celebrity management platform driven by the Blockchain could help celebrities to connect with their fans and advertisers directly without dealing with agents who charge high fees.

Scarcity and Digital Rights

Usually the digital objects lose their value because they can be copied easily. It can be seen especially in the area of printed music, movies and TV. But blockchain makes it possible for the celebrities to register the origin of work and set out the permissions for sharing, structure the means of exchange which they are willing to accept and create conditions for digital scarcity. The digital rights can be better controlled with the help of blockchain platforms. This confirms that access can be only given to the paying customers and thus avoid piracy.