OOne of the biggest challenges facing cryptocurrency is finding basic applications for average consumers. In other words, understanding the blockchain, launching a digital wallet, and then finding practical opportunities to spend with cryptos like Bitcoin and Ethereum is an ongoing trial.
So far, NFT-based collections have proved popular in terms of entertainment and leisure. While some stick to crypto investing and trading, others prefer to try out the latest blockchain-based game. Still, the industry faces uphill battles when it comes to launching successful crypto-based recreational platforms.
Axie Infinity, for example, surged in popularity at the end of 2021 before finally fading away this year. What was once a booming in-game economy has collapsed, leaving players (and some investors) dry. However, the game still has thousands of active players, suggesting that blockchain titles are piercing a certain demographic.
Yet no matter how viable crypto-based entertainment is, developers face plenty of challenges.
Bridging Blockchain and iGaming
Worldwide, iGaming is one of the most popular pastimes. Physical casinos dot the world, from Jeju in South Korea to Macao in China to Las Vegas in the United States. Playing at an online casino is just as popular given the variety of games and the convenience of playing from home.
Online, players can enjoy the almost constant rollout of new slots and jackpot titles, as well as live variations of games like blackjack and roulette. So far, there hasn’t been a major push for a crypto casino from any leading casino platform or game developer. But could that change for other popular entertainment sectors, like video streaming?
Video streaming on a decentralized social media platform
The requirements for setting up a viable blockchain like Solana, Ethereum or IBM Blockchain are manifold. Above all, it is an emerging technology, which means that there is not a surplus of professionals who understand how to build and interact with the blockchain. Additionally, its use cases tend to be very targeted rather than broad and decentralized, as expected.
However, the blockchain paradigm shift coincided with the rise of OTT streaming services. While competing with Netflix or Hulu can be very complex, the idea of using a blockchain platform to decentralize current streaming services is gaining momentum. The idea is to allow video streamers to run their own servers and earn crypto directly from viewers.
This would be especially useful for data breach issues. Rather than letting companies like Meta scour private data, a blockchain-based social media platform would allow users to stay in control of their own data and have full authority over the content they create. and broadcast, as well as who has access to that content.
So what’s the challenge here? While several groups are currently launching blockchain video startups, the industry is still young. It has yet to mature, with many projects closely resembling the services they seek to revolutionize.
High hopes for virtual reality and augmented reality
One crypto-entertainment space that excites many tech enthusiasts is virtual reality and augmented reality. Both industries are considered immature and both are going to grow tremendously over the next decade. This creates an excellent base for the evolution of VR/AR projects on blockchain, rather than trying to adapt existing industries like iGaming and social media for the blockchain.
Already, Decentraland has proven that the future of blockchain VR is viable. Based on the Ethereum blockchain and launched in 2018, Decentraland allows users to buy and develop land, as well as other world elements, in a virtual world. With an immutable record, virtual landowners have complete security over their property.
This could mark the future of other crypto-entertainment projects, including casinos. For example, rather than launching a mobile app that enables iGaming crypto, Decentraland players can head to a virtual casino that feels real via VR.
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