Does crypto have the potential to be the top currency in the online entertainment industry?
Over the last decade, there have been many concerns and worries revolving around cryptocurrency. These issues were mostly due to people’s lack of trust in the system, while others simply didn’t understand virtual money.
However, in the last three years, especially in 2021, there have been some fascinating developments in the world of digital currency. El Salvador, for example, has made Bitcoin legal tender, and major corporations such as the Dallas Mavericks, Starbucks, AT & T, Overstock.com, Travala.com, and PayPal accept cryptocurrency payments.
One of the most recent developments, however, was the announcement that AMC Entertainment will accept Bitcoin as a mode of payment for movie theater tickets and concessions. These developments have left many people wondering whether cryptocurrency has the potential to become the top currency in online entertainment.
Read on to find out why the future is bright for crypto.
Acceptable in the Gambling Industry
The gambling industry is usually at the forefront when it comes to accepting new technological advancements. As such, it shouldn’t come as a surprise to realize that this was among the first industries to accept cryptocurrencies as a payment method. While it’s illegal to gamble with cryptocurrency in physical casinos in the USA, the online world is a whole lot different as you will come across trustworthy crypto casinos that allow people to make payments with virtual money in many markets and countries like the UK.
Adopted by Theaters
While AMC Entertainment recently made headlines by accepting Bitcoins as a method of payment, it’s not the first time crypto will be used to pay for theater tickets. In 2014, while cryptocurrency was extremely speculative, London Theatre Direct became the first company of its kind to accept Bitcoin as a form of payment. During the announcement, the company stated that they wanted to embrace new methods of online payments to make it easy for consumers to make payments. They also stated that Bitcoin transactions offered a cheaper, more secure, and mobile-friendly alternative.
Museums and amusement parks
As a major development in the crypto world, an increasing number of family-friendly establishments like museums and amusement parks are currently accepting cryptocurrency.
For instance, the Great Lakes Science Center began accepting cryptocurrency, mainly Bitcoin, in 2018. This action encouraged other likewise establishments, including the St. Petersburg Museum of History in Florida and the Museum of the Coastal Bend in Texas.
In the UK, Mayfair Art Gallery became London’s number one establishment of its kind to accept cryptocurrency, with the owner, Eleesa Dadiani, stating that they will accept any major cryptocurrency. Amusement parks that currently accept cryptocurrencty include the resort and theme park PortAventura World.
Concert and Event Ticket Purchases
Whether you want to watch your favorite artist perform live on stage or watch athletes compete in the field, you can purchase your tickets with cryptocurrency. Some of the major online ticket sellers include Guts Tickets and OUR Music Festival (OMF), who are currently providing tickets in exchange for crypto currencies, including Bitcoins.
You can also indirectly purchase your tickets from Ticketmaster by using alternate routes. This online platform allows you to buy gift cards using cryptocurrecies such as Ethereum, Tether, Bitcoins, Litecoin, Dogecoin, and Dash. These gift cards can get you tickets to almost any event in the world.
Consumer Interest in Blockchain is Growing
Companies and establishments that have invested in or accepted crypto payments are well-informed. This is because people increasingly stocked up on cryptocurrencies during the pandemic. This trend hasn’t slowed down even after the world began opening up, with a research group from the University of Chicago estimating that 13% of Americans have invested in virtual currencies. They also estimate that the average age of the investors is 38 years old, meaning that younger people are opening up to the idea of crypto.
The implication of these studies shows that an increasing number of people are investing in crypto currencies. It also shows that younger people are eager to try new technologies, especially when it comes to investing and saving money.
Intended Government Regulations
Besides the positive changes in the entertainment industry, major developments concerning laws have a high potential to increase the credibility of cryptocurrency. Regulation is the major overhang in the world of crypto, so much so that China made transactions via cryptocurrency illegal. However, with countries such as the USA taking a positive outlook on this matter, cryptpocurrency may soon become a regulated form of payment.
In fact, lawmakers in Washington are having conversations about regulating cryptocurrency in a bid to make it safer for investors such as those in the entertainment industry and to increase hurdles for cybercriminals. These talks are aimed at establishing laws and guidelines that will ensure that transactions via crypto are transparent.
The IRS has also shown interest in creating steps and guidelines that will enable investors to report and file taxes on their virtual currency, allowing many establishments to accept cryptocurrency. For instance, if the IRS plans pull through, gambling with Bitcoins in the USA may become legal. As such, it goes to show that crypto may soon be the dominant method of payment in online entertainment and other industries.
Key Takeaway
With the above examples, it’s clear that crypto has a future in the entertainment industry. Although some inroads have opened up in certain areas of the industry, like casinos, museums, concert halls, theaters, recreational venues, and movie theaters, most parts are yet to be exploited. However, hopes for wide-ranging acceptance of cryptocurrency are high as governments across the world are looking to create guidelines for using virtual currency across all industries.