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Real-World Use Cases for Blockchain and Crypto: Orchestrating a Digital Symphony in Entertainment

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2023-07-19
Real-World Use Cases for Blockchain and Crypto: Orchestrating a Digital Symphony in Entertainment

In the previous parts, we learned how blockchain and cryptocurrencies are addressing global challenges and transforming traditional finance. Now, let's turn your attention to a sector that touches our lives daily - the entertainment industry. From music and movies to gaming and art, blockchain and cryptocurrencies are creating new opportunities for creators and consumers alike.

Audius: The Beat of Decentralized Music Streaming

Music, as a vibrant medium of creativity and storytelling, has always held a central role in our society. Its evolution over decades has seen numerous challenges, especially during the early 2000s and 2010s, when the process of music creation and sharing posed significant obstacles for creators and listeners alike. Fast forward to today, and we enjoy an era of unprecedented accessibility and flexibility, largely due to streaming platforms like Spotify. These platforms have not only streamlined the music experience but also scaled new heights financially, with Spotify's revenue reaching over US$12.635 billion in 2022, according to Macrotrends.

Enter blockchain technology, and with it, a new player has risen to challenge the status quo – Audius. You may ask what sets Audius apart from the likes of Spotify, Apple Music, and SoundCloud. The answer lies in its innovative use of blockchain technology and its commitment to empowering artists.

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Founded in 2018, Audius is a decentralized music streaming service that aims to give artists more control over their music and enable them to connect directly with fans. The platform has its own crypto token, AUDIO, which powers the protocol's governance and offers exclusive features to artists and fans. Audius has experienced significant growth, with its unique user base reaching almost 6 million in July 2023.

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Despite facing challenges such as copyright enforcement, Audius's innovative use of blockchain technology and its commitment to empowering artists suggest that it could play a significant role in shaping the future of the music streaming industry.

Decentraland: Where Gaming Meets Virtual Real Estate

Nowadays, three billion people all over the world play online games like PUBG, Minecraft, and League of Legends. It's fascinating to note that a survey indicates the average gamer spends around US$58,000 on gaming over the course of their lifetime. But what if we could take that fascination a step further? What if we could actually own a piece of the gaming universe?

Welcome to Decentraland, a unique blend of gaming and virtual real estate powered by blockchain technology.

Decentraland was started in 2015 by Ari Meilich and Esteban Ordano. It is a decentralized virtual reality platform built on Ethereum that allows users to create, experience, and monetize content and applications. Within this virtual world, users acquire plots of land which they can navigate, construct upon, and ultimately monetize.

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Decentraland Virtual World

Decentraland isn't simply a virtual world; it presents an entire universe of districts, each possessing its unique identity and function. These districts are as diverse as the real world, ranging from bustling commercial hubs to tranquil residential areas, interactive gaming districts, and even educational centers.

One of the most significant sales in Decentraland's history was a Mega Tower that sold for over US$238,000. This sale shows that the metaverse and virtual properties are not too affected by bearish trends and overall volatility in the crypto space. As the boundaries between the physical and digital worlds continue to blur, platforms like Decentraland are leading the way in creating immersive, interactive, and profitable virtual experiences.

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OpenSea: The Artistic Revolution through NFTs

Defining the term 'luxury' has always been a challenging task, particularly as its core essence continually evolves. With luxury becoming more accessible than ever before, modern consumers tend to spend an average of US$43,000 on luxury collections. In the digitally-infused era, a novel form of collectible has emerged, distinctly different from conventional, tangible items. These are digital assets, known as non-fungible tokens (NFTs). NFTs have become a way for digital natives to express their individuality, showcase their tastes, and even flaunt their wealth in the online world. One platform stands out in this digital revolution: OpenSea.

OpenSea, founded in 2017 by entrepreneurs Devin Finzer and Alex Atallah, is the largest NFT marketplace. It has played a pivotal role in the rise of NFTs, with a total historical trading volume of almost US$700 million in February 2023. OpenSea has not only provided a platform for the creation and trading of NFTs but has also been instrumental in bringing NFTs into the mainstream.

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There are over 80 million NFTs on OpenSea

The platform supports a wide array of categories, including art, music, domain names, virtual world items, and more. This diversity has made OpenSea a one-stop-shop for NFT enthusiasts, from newcomers to experienced traders. OpenSea's multi-chain support for Ethereum, Polygon, Klaytn, Solana, Arbitrum, Optimism, Avalanche, BNB, and Zora, makes it a truly global marketplace.

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Lesson 3: Real-World Use Cases (P1) << >> Course page

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