NFT technology promises to be a transformative force in media and entertainment

Blockchain technology is often likened to the internet for its disruptive potential, and although blockchain started as a lever for financial transactions, it has rapidly spread to nearly every industry — including media and entertainment.

Over the past few years, we have seen media and entertainment companies begin to leverage blockchain technology to change the way they develop and distribute content.

Disney was the first mover, developing a private blockchain platform back in 2014 to make transactions more reliable and transparent.

Recently, media outlets including The New York Times announced that they will use blockchain to combat fake news. In March, Time magazine even launched its first fully decentralized magazine on the blockchain.

The full potential of blockchain technology is only just beginning to be developed, but it can already help media and entertainment companies solve some of the long-standing challenges.

NFT technology promises to be a transformative force in media and entertainment

Protect intellectual property

Intellectual property issues and infringements are prevalent in the media and entertainment industry, where musicians, artists and other entertainers have long struggled to maintain ownership of their work, meaning they are often not paid fairly, and for musicians This is especially true, with many artists arguing for higher royalties from streaming platforms.

Artists like Taylor Swift also face an uphill struggle to maintain control and ownership of their intellectual property.

Research by a Middlesex University professor has found that intellectual property problems in the music industry are caused by a lack of transparency. Artists often do not fully understand contract and copyright terms, which limits their ability to ensure they are fairly compensated.

“The specifics of many streaming deals are mostly hidden behind non-disclosure agreements, so artists and songwriters may not be aware of the terms of copyright usage,” the authors explained.

The end result is often that most of the money tends to go to middlemen rather than artists.

Using blockchain technology, musicians (and other creators) can register their IP, then link lyrics, videos, and even personal information to the blockchain by embedding it as metadata in digital recordings, and it will all be Transparent and open.

Creators can also use blockchain “smart contracts” to dictate who can download and interact with their content — and more importantly, how they will be compensated as creators.

When consumers download songs, albums, or other works, smart contracts are triggered, which in turn automatically charge buyers and compensate creators appropriately.

Smart contracts also enable artists to track every stream on the network without missing out on potential royalties. It’s a huge deal because the top 20 music streaming platforms are estimated to have received $424 million from so-called “royalties,” and the platforms don’t know who to pay the “royalties.”

fight false information

Fake news has driven public trust in the media to an all-time low, undermined public confidence in the media and misled many consumers.

With more than 3,000 news organizations (and countless independent journalists) in the U.S. alone, the sheer number of journalists heightens the potential for fake news, making it increasingly difficult for consumers to tell which sources they can trust.

Given this situation, it’s no surprise that the world’s largest media giants, such as The New York Times, are focusing on blockchain to combat fake news.

Because blockchain technology relies on a decentralized and immutable ledger to record information, it is always verified.

This means that media and entertainment companies can link everything they publish (including articles, quotes and photos) to the blockchain with confidence that it will not be tampered with.

Harvard Business Review reported that The New York Times began seeking to combat disinformation through its News Provenance Project several years ago.

A key part of this plan is to create a set of metadata standards for photos published in the news, to specify the source information in detail and to ensure that once the photos are shared on social media, the verification work done by journalists, photojournalists and their editors does not modified.

Open up new profit channels

The sheer size of many media and entertainment companies means that artists and creators have less individual control and ownership of their content, as well as limited opportunities to make money.

When individual artists distribute their music through large media platforms, they are often unfairly compensated.

For example, when musicians release their music through Spotify or Apple Music, about 70% of the revenue goes to the music rights holder, who is usually not the creator.

NFTs can effectively assign ownership to specific digital items, such as artwork or even blog posts, changing the way individual creators make money.

NFTs give individual artists and creators more autonomy in how they monetize their work.

Some of the biggest social media giants have embraced NFTs, no doubt realizing that creators need a web3 business model.

Mark Zuckerberg recently announced that NFTs are coming to Instagram, and YouTube recently announced that NFTs will be integrated into its creator tools, so creators can earn money directly from fans who buy the rights to their videos.

Considering the potential of new monetization channels, YouTube’s chief product officer explained, “We believe that new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans, and they will be able to create new projects Partner up and make money in a way that wasn’t possible before.”

Ultimately, blockchain has the potential to profoundly change the revenue stream for creators and create a more level playing field.

The bright future of blockchain in media and entertainment

William Mugayal, author of the best-selling book Blockchain for Business, once said: “Blockchain cannot be described as merely a revolution. It is a tsunami-like phenomenon, moving slowly and steadily. Gradually surround everything along the way under the power.”

Blockchain is proving to be particularly powerful in the media and entertainment industry. Issues such as intellectual property infringement, misinformation and unfair payment structures have plagued these industries in recent decades.

With an estimated global market size of $1.4 trillion by 2030, blockchain is poised to be a transformative force in media and entertainment.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nft-technology-promises-to-be-a-transformative-force-in-media-and-entertainment/
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