Cryptocurrency in the Entertainment Industry: Opportunities and Risks

In the 21st-century, entertainment moved online long before the coronavirus pandemic. People are increasingly choosing to entertain themselves online rather than offline. According to App Annie’s digital report, mobile software almost monopolizes our time: 10 out of 11 minutes we spend in the smartphone app. An interesting fact is that the most downloaded applications are games.

The Fine Line between Legal and Illegal Gambling

If today cryptocurrency can be considered a means of payment, as well as a substitute for fiat money, then a few years ago there was a stereotype about the “gray” mechanism for using cryptocurrency. Multiplayer online games and gambling services are still considered the most developing segment of the blockchain industry. According to Dapp Review statistics, approximately half of all decentralized applications (DEX) are games, including gambling.

There are separate coins and tokens that are specifically designed for the gaming industry. Among the best coins in the gaming industry are considered FunFair, Wagerr, and Edgeless, which have created entire platforms based on blockchain technology. Such projects as TRON and EOS are also considered the leading currencies for online casinos. However, not every platform out of those recommended on https://www.thegamblinglife.com/best-online-gambling-sites-for-real-money/ can provide players with the crypto payment features.

Crypto Tokens and their Features

In the oversaturated cryptocurrency market, the demand for a token, and its market value, largely depends on the usefulness of the services provided by the platform, as well as on the activity of competitors in this area. For example, FunToken is a popular, but not the only altcoin, which players can use in their gambling activities. The following advantages distinguish the gambling tokens from similar projects:

1. Speed. It is believed that gambling tokens work faster. This is usually facilitated by the introduction of the Ethereum blockchain, thanks to which users can receive information about the results in real-time;
2. Reliability. Blockchain technologies in general and transparent “smart contacts” of the Ethereum blockchain, in particular, allow players to verify the authenticity of the results, which eliminates the common factor of user distrust in online casinos. The results of all players become available and verifiable;
3. Safety. A no deposit type of funds management is safe and profitable, because it allows reducing the commissions.

Cryptocurrency and blockchain as a whole once again open up new opportunities not only in the financial markets but also contribute to the improvement of the entertainment industry. Companies that create digital entertainment content receive additional protection for their economic interests and copyrights.

For a number of specific areas in gambling, cryptocurrency has become a turning point. Many gamblers in countries that have strict foreign exchange regulations have finally been able to meet their needs without the fear and risk of losing their money, and online casinos have been able to provide them with these services.