Third Party and Cryptocurrency

[Andrea]

Most artists rely on a third party to fund, market, and distribute their work. Musicians take advances from record labels. Cryptocurrencies, the blockchain, and NFTs could all reduce artists’ reliance on these middlemen in slightly different ways. Celebrities can raise money with an NFT, sell the work directly to fans, and use the blockchain as their ledger to track payments. that means no third party or studio will be needed.​

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Although the change is great for the artists' sides, what about the third party? Does cryptocurrency benefit artist on one side and paralyzes the production companies?​

 

[Millie Frodnir]

This could have a negative impact on those traditional intermediaries, as they may no longer be needed. This shift could affect their ability to continue supporting emerging artists and funding new projects. It could also mean a loss of jobs and expertise in the industry.
It will all depend on how well will the artists and the fans adopt these changes.

 

[Andrea]

If such changes happen because of the cryptocurrency, the job world also will go through big changes.

 

[DavidDeFi]

It's true that the rise of crypto, blockchain, and NFTs has the potential to disrupt traditional models in the entertainment industry. However, I believe it's a positive development that gives artists more control over their work and financial future.

There will always be room for production companies to evolve and adapt to the changing landscape. Let's embrace the opportunities that crypto can offer to empower creators and foster innovation!!

 

[DavidDeFi]

This could have a negative impact on those traditional intermediaries, as they may no longer be needed. This shift could affect their ability to continue supporting emerging artists and funding new projects. It could also mean a loss of jobs and expertise in the industry.
It will all depend on how well will the artists and the fans adopt these changes.

Absolutely agree! The adoption of cryptocurrencies and NFTs in the entertainment industry will undoubtedly disrupt the traditional intermediaries' role. Still, it could also open up new opportunities for funding and supporting emerging artists. As with any change, there will be challenges, but I believe that the benefits for the artists and their fans will ultimately outweigh any negative impact on the production companies.

 

[Andrea]

If such changes happen because of the cryptocurrency, the job world also will go through big changes.

Absolutely agree! The adoption of cryptocurrencies and NFTs in the entertainment industry will undoubtedly disrupt the traditional intermediaries' role. Still, it could also open up new opportunities for funding and supporting emerging artists. As with any change, there will be challenges, but I believe that the benefits for the artists and their fans will ultimately outweigh any negative impact on the production companies.

I see the same! As the world is evolving, it's better to be for good rather than bad!