How blockchain-based entertainment boosts content distribution and authentic engagement

"With the help of blockchain technology, media, and advertising enterprises are able to eliminate fraud, reduce costs, and increase transparency within critical and time-consuming business processes. Further, blockchain technology helps the media and entertainment "

-Industry Research

An increasing number of Hollywood investors now believe blockchain is the future of entertainment as it empowers new creators, increases audience engagement, and boosts content distribution.

In addition to providing transparent, seamless, and swift transactions, blockchain enables creators to protect themselves from piracy and in turn help increase revenue, and continue doing what they love.

Another less recognized superpower of blockchain-based entertainment platforms is that they can easily eliminate fake news and “botted” views. So how does blockchain revolutionize such platforms? Let’s find out.

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How does blockchain help the entertainment industry?

[1] Boosts content distribution by cutting out intermediaries: The American music industry is estimated at $42 billion. However, artists/creators are only able to earn $5 billion which is only 12% of what the industry generates. Blockchain cuts out chains of intermediaries by being the primary distributor. This reduces distribution costs and helps new creators reach larger audiences without extra costs. For example, Blockchain enables artists to sell their NFTs directly to their fans on open platforms.

[2] Enables payment distribution by providing transparency: The public blockchain keeps track (in near real-time) of how fans interact with content. As a result, payments made to consumers are automated, transparent, and seamless.

[3] Facilitates authentic engagement by removing “botted” views and fake news: At its core, a blockchain operates thanks to its nodes (validators) validating each record that is added to the digital ledger. All nodes must unanimously agree that the record to be added is valid. Thus, movies, music, and other types of content are thoroughly checked and verified before it is added to the blockchain. Because of how secure and non-corrupt a blockchain is, it is almost impossible to deceive the system by using robots to add views or by using fake news to generate fictitious engagement.

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‍Hollywood is just the beginning
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After the massive success of its superhero franchise, Marvel and Fox have released limited edition NFTs for Deadpool 2. Furthermore, AMC Entertainment Holdings are now beginning to accept Bitcoin, Ethereum, and Litecoin for its ticket purchases.

Last but not least, television production giants MGM have also distributed a series of NFTs to promote the release of the James Bond film, No Time to Die. Although we are still in the early stages of the blockchain revolution, there are already multiple blockchain-based entertainment platforms up and running.

At Xfinite we aim to take advantage of this trend.

We, recently signed a partnership with Dubai World Trade Centre Authority (DWTCA) to operate under the world’s only specialist Virtual Asset Regulatory Authority (VARA).

Xfinite is now the first media-entertainment distributed ledger technology (DLT) platform to be a part of Dubai’s regulated virtual asset program. Its $XET token powers Xfinite’s ecosystem and has several utilities such as investing in Xfinite’s NFT marketplace, staking purchased $XET tokens for yield rewards, listing NFT projects within the Xfinite ecosystem, and forming partnerships with Xfinite itself.

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We aim to use the partnership to create a platform where creators can access the existing intellectual property (IP) and use it as a foundation to build new projects. How will this look like in real life?

• Open up marketplaces ways for anyone regardless of their funding capacity to support entertainment projects in a secure regulated environment
• Create a level playing field for creators to do their best work without worrying about securing funding and compromising on their vision
• Create a monetizable secondary market for content through NFTs that benefits both fans and creators

In time, the lines between a fan passively consuming content and a committed investor and backer will blur enabling almost anyone to become part of a cultural exchange where the benefits of content creation are traded and monetized seamlessly.
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The road ahead

Thanks to the power of the blockchain, numerous entertainment investors and media production companies are investing a fortune in the future of blockchain. Although blockchain is still new to most people, the rate of adoption has been increasing as creators and audiences continue looking for new solutions. Nevertheless, it is quite exciting to find out what the future holds for Xfinite and our Web3 decentralized entertainment platforms.