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Entertainment & Crypto: Major Challenges Ahead

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Coinpedia

One of the biggest challenges that cryptocurrency faces is finding basic applications for average consumers. In other words, understanding blockchain, launching a digital wallet, and then finding practical opportunities to spend with cryptos like Bitcoin and Ethereum is an ongoing trial.

So far, NFT-based collections have proved popular in terms of entertainment and leisure. While some stick to investing and trading in crypto, others would rather try out the latest blockchain-based game. Still, the industry faces uphill battles when it comes to launching successful recreational platforms based on crypto.

Axie Infinity, for example, soared in popularity in late 2021 before eventually fizzling out this year. What was once a booming in-game economy tanked, leaving players (and some investors) high and dry. However, the game still has thousands of active players, hinting that blockchain titles are breaking through to a certain gaming demographic.

Still, no matter how viable crypto-based entertainment is, there are plenty of challenges that developers face.

Bridging Blockchain & iGaming

Worldwide, iGaming is one of the most ubiquitous hobbies. Brick-and-mortar casinos dot the globe, from Jeju in South Korea to Macau in China to Las Vegas in the US. Playing at an online casino is just as popular given the diversity of games and the convenience of playing from home.

Online, gamers can enjoy the almost constant rollout of new slots and jackpot titles, as well as live variations of games like blackjack and roulette. So far, there hasn’t been a major push for a crypto casino from a top casino platform or game developer. But could that change for other popular entertainment sectors, like video streaming?

Video Streaming on a Decentralized Social Media Platform

The demands of setting up a viable blockchain like Solana, Ethereum, or IBM Blockchain are manifold. First and foremost, it’s an emerging technology, which means there isn’t a surplus of professionals who understand how to build and interact with the blockchain. Additionally, its use-cases tend to be highly focused rather than broad and decentralized, as intended.

However, the blockchain paradigm shift has coincided with the rise of OTT streaming services. While competing with Netflix or Hulu might prove highly complex, the idea of using a blockchain platform to decentralize current streaming services is gaining steam. The idea is to empower video streamers to run their own servers and directly earn crypto from viewers.

This would be particularly helpful for data breach concerns. Rather than let companies like Meta skim private data, a blockchain-based social media platform would let users stay in control of their own data—and be the full authority on the content they create and stream, along with who has access to that content.

So, what’s the challenge here? While multiple groups are currently launching blockchain-video startups, the industry is still young. It hasn’t matured yet, with many projects closely resembling the services they’re looking to revolutionize.

High Hopes for VR & AR

One crypto-entertainment space that has many tech buffs excited is VR and AR. Both industries are considered immature—and both will be scaling up immensely in the coming decade. This creates a great foundation for VR/AR projects to evolve on the blockchain, rather than try to adapt existing industries like iGaming and social media for the blockchain.

Already, Decentraland has proved that the future of VR-blockchain is viable. Based on the Ethereum blockchain and launched back in 2018, Decentraland allows users to purchase and develop land, along with other in-world items, in a virtual world. With an immutable record, virtual landowners have full security over their property.

This may mark the future for other crypto-entertainment projects—casinos included. For example, rather than launch a mobile app that allows crypto iGaming, Decentraland gamers can head into a virtual casino that feels real via VR. 

Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: info@coinpedia.org

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