Over the past decade, blockchain technology, first in the form of cryptocurrencies, then by way of NFTs, has made an undeniable and substantive impact on many elements of culture and society.
Yet in a broader sense, we still stand at the threshold of this journey. The manifold ways that blockchain technology will, over time, trickle-down into everyday life is only just starting to be felt and explored in 2022.
This impact will be experienced at different rates across different sectors, with those more closely associated with progressive ideas being likely to capitalize on the inherent benefits of blockchain technology sooner.
Of these, the media sector is perhaps the frontrunner. There are many ways that blockchain technology, crypto and NFTs are already revolutionizing the global media and entertainment market, and below we’re going to take a look at some of the most significant examples of this.
Creating New Ways to Play
When EA boss Andrew Wilson went on record as stating that NFTs were the future of their industry, he was nothing if not prophetic. There are numerous ways that blockchain can be utilized in video games to enhance the experience, from creating unique NFT items for players to compete for, to the popular play-to-earn format that sees players actually earn redeemable crypto-currency for in-game feats.
Another area where we can expect blockchain to have an impact is in the iGaming sector. Leading names in this market such as Asiabet, which offers a comparison directory of bookmakers and iGaming platforms operating in Thailand, distinguishes itself through a commitment to pass on recommendations to its patrons of only the most trusted casino sites available in their region.
To do this, it verifies that each provider it works with is an officially licensed business operating in an established relationship with international payment suppliers. Furthermore, before passing on competitive promotional offers and bonuses, this platform rates each on a quality survey that covers elements ranging from reliability to customer service.
This is a familiar picture among leading iGaming platforms across the globe, and in their ongoing work to create ever-more secure means of accessing real-money gameplay, it’s reasonable to assume that before long trusted names will begin to back their guarantees with the decentralized security of blockchain payment procedures.
Bringing the Magic Back to Music
When Kings of Leon released their latest album, When You See Yourself, as an NFT they quietly made history and helped validate and popularize NFTs to new audiences. Perhaps the most crucial element to their special NFT release was the fact it came with several unique perks. Among these was the offer of front-row seats at their concerts.
The music industry has struggled for a long time – arguably since the Napster lawsuit of the early 2000s – to get a handle on how to stay lucrative in a digital context. NFTs, which create the possibility of scarcity among digital media, are being seen as the latest and greatest opportunity for both solo artists and established recording labels to achieve this.
This is because you can recover some of the material appeal of a limited edition vinyl in a world where physical media is far less desirable, commonplace or practical. Before long it’s reasonable to expect that we will see NFT albums and concert tickets become much more popular, with a range of artists beyond Kings of Leon, from Grimez to The Gorillaz already testing the waters of what this could look like.
Changing the Focus of Sports Merchandising
It’s hard to deny that the sports sector has got the jump on related markets when it comes to meaningfully adopting NFTs and blockchain technology. This success can be traced to Dapper Lab’s, now historic, collaboration with the NBA, giving rise to NBA Top Shot.
The first NFT “sports memorabilia” store of its kind, Top Shot offers customers the opportunity to own a genuine piece of NBA history in the form of rare video clips, photographs and limited edition artworks.
Now the wider sports industry is eager to emulate this, with Dapper Lab’s second collaboration, this time with the NFL – All Day – leading the charge. Outside of America, association football appears to be the next big advocate of NFT merchandise, with England’s Premier League recently signing a deal with ConsenSys to mint official NFTs in a four-year licensing deal reported to be worth over $500 million.