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Blockchain use cases

Media and Entertainment

Media and Entertainment

The use of blockchain technology in the media industry allows creators to have greater control over the ownership and distribution of their content. By utilizing tools such as NFT marketplaces and smart contracts, creators can monetize their work and reward early supporters. This creates better conditions for digital artists to thrive monetarily and helps them share in the rewards of the digital economy more fairly.

UseCases

P2P Sales Distribution

In the media and entertainment industry, the high cost and inefficiency of P2P distribution for digital content is a major issue, with middlemen taking a significant cut of artists’ earnings and hindering open communication. Blockchain technology offers a solution by creating decentralized, peer-to-peer platforms for distribution and monetization, enabling direct communication, increasing artist income, and content variety, and facilitating micropayments through tokens and smart contracts, resulting in a more streamlined and low-cost system.

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Problem

The absence of efficient and low-cost P2P distribution for digital content is a major issue in the media and entertainment sector. Distributors in the past have included entities like record labels, publishers, and streaming services, who frequently took a sizable cut of the author’s earnings. It may also be challenging for creators to have honest and open dialogues with their viewers when these middlemen are involved. Both content producers and users may find it more difficult to make a living from their efforts.

Solution

Blockchain technology might be used to facilitate the development of decentralized, peer-to-peer platforms for the distribution and monetization of digital material, thereby addressing this issue. Without middlemen getting in the way, producers and consumers may have a more open and honest connection thanks to blockchain technology. This has the potential to increase both the income artists receive from their work and the variety of material available to audiences. Tokens and smart contracts built on the blockchain may then be used to make micropayments, rewarding producers and encouraging audience participation. This can aid in the development of a more streamlined and low-cost system for the distribution.

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UseCases

Tokenized IP (intellectual property) rights

Media and entertainment enterprises need intellectual property (IP) rights, but the current system is centralized and opaque, leading to copyright infringement and financial loss. Tokenizing these rights using blockchain technology generates a visible and immutable record of rights and duties, automates enforcement, and records ownership and transactions, making media and entertainment IP rights management more efficient and safe.

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Problem

Intellectual property rights are essential to the success of any company operating in the media and entertainment sectors. One example of such rights is the right to one’s own copy of a creative work like a book, song, or film. The administration and defense of certain legal privileges can be a tedious and involved affair. Further, it may be challenging for both creators to make a living from their work and for businesses to effectively manage and safeguard their IP assets because of the centralized nature and lack of transparency of the current system for managing IP rights. Problems including copyright infringement, financial loss, and trouble establishing and maintaining ownership of IP assets might result from this.

Solution

Using blockchain technology to generate a transparent and unchangeable record of rights and duties connected with the tokenized asset is one solution to the problems of ambiguous legal status and confusing terms and conditions in tokenization initiatives. As a result of the use of smart contracts and other blockchain-based technologies, it is possible to automate the enforcement of rights and duties, such as royalty payments and revenue sharing, and to create a transparent and immutable record of ownership and transactions. Tokenized assets may be traded in a decentralized marketplace made possible by blockchain technology, providing investors with more options and lowering transaction costs. Tokenizing assets like intellectual property rights in the media and entertainment business may be made more safe and more efficient with the use of blockchain technology.

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UseCase

NFT Ticketing

Traditional ticketing systems face the issue of fraud and counterfeit tickets, resulting in lost money and a poor experience for ticket holders and event organizers. NFTs provide a solution by ensuring a trusted source for both ticket holders and organizers, allowing for verification of authenticity and preventing unauthorized resale. NFTs also reduce costs and offer new revenue opportunities through programmable features such as merchandise, content, resale, and royalty splits.

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Problem

Traditional ticketing systems have the issue of being susceptible to fraud and counterfeit. There is a serious problem with counterfeit tickets, which may result in lost money and a poor experience for ticket holders and event organizers alike. High manufacturing, distribution, and validation costs are additional challenges for conventional ticketing systems. Revenue generating options are limited, and event organizers may have a tough time keeping tabs on ticket buyers and sellers to enforce no-resale policies. It can also take a lot of time and effort to create and mint digital tickets the old-fashioned way.

Solution

NFTs can potentially solve the problem of counterfeit tickets and ticket fraud by providing a trusted source for both ticket holders and organizers. The transfer of NFTs from the initial sale to resale is stored on the blockchain immutably, allowing all parties to verify the ticket’s authenticity. Additionally, NFTs can be developed as non-transferable to prevent unauthorized resale. Furthermore, NFTs can also reduce costs associated with traditional ticketing systems, as well as enable quick production and offer new revenue opportunities through programmable features such as merchandise, content, resale, and royalty splits.

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