Cryptocurrency as entertainment? Now there’s a thought. But it’s one that has gained incredible traction over the last several years. Many of us enjoy following the movement of digital currencies, and speculating on how they rise or fall in value, although this fascinating blockchain realm is filled with untapped potential and limitless possibilities.
Australia really seems to dig that notion, surfing the crest of a wave that is transforming various entertainment sectors, including those with the highest engagement Down Under and around the world. The country itself is already acknowledged as a hub for cutting edge tech developments, including ways to further incorporate blockchain in our daily lives.
Benefits of blockchain already present in the iGaming sector
Based upon CasinoAus reviews covering the most reputable casinos for real money wagering, leading sites tend to provide their users with a diverse range of payment and withdrawal options. These commonly range from credit cards and direct bank transfers to various digital wallets, including some of the most popular like PayPal and Neosurf, Skrill or Neteller.
But increasingly over the last several years, use of cryptocurrencies for transactions has become widespread at Aussie casino sites. While some only accept Bitcoin or Ethereum, others are willing to handle a broader selection of digital currencies, including Litecoin and even Dogecoin. This growing acceptance and usage of crypto has followed the trends for adoption in Australia.
Aside from cryptocurrency adoption at iGaming sites, blockchain technology also underpins how many casino operators function. Key benefits include improved safety and security, alongside provably fair gaming, based around transparent results that cannot be tampered with. The latter has undoubtedly fostered greater trust among players, especially in tandem with blockchain now forming part of regulatory compliance and licensing.
Aussie innovation disrupting the Web3 gaming arena
The concept of Web3 gaming has been around for a few years, constantly evolving, albeit with several driving principles, merging video games with blockchain technology. It allows players to truly own in-game assets, represented as non-fungible tokens (NFTs) on the blockchain. Players can earn cryptocurrency by playing and trade assets across different games, within an ecosystem featuring decentralised marketplaces and interoperable gaming platforms.
Web3 gaming is built around transparency, decentralisation, and community governance. Akin to how iGaming has incorporated blockchain to ensure fairness and predictability, Web3 uses smart contracts for immutable game rules, with the latter even inspiring the name of one Australian company making headway in this growing space.
Based in Sydney and launched in 2018, Immutable has become one of the biggest Australian blockchain gaming development enterprises, after raising more than 0 million AUD of Series C funding in 2022. Helping to pioneer NFT technology within the Ethereum ecosystem, Immutable builds and scales Web3 games that are already enjoyed by millions of players around the globe.
Music and arts finding tangible new benefits
Anyone remember Napster? Back in 1999 when the platform emerged, it ushered in a new era of decentralised peer-to-peer music sharing across the internet, somewhere we could instantly get our favourite songs for free. The downside was obvious and the music business lost billions of dollars in sales, and recording artists were losing valuable income. Needless to say, that was promptly nipped in the bud, as Napster was forced to close in 2001 after court battles.
Fast-forward just over two decades, the concept of decentralised music and arts is now actively promoted in Australia, utilising a new NFT authentication method that’s even energy efficient. That’s the goal of Serenade, launched in 2021, aiming to connect people directly with their favourite artists via unique or limited edition digital pressings. It’s also quite a novel approach to music royalties and rights management.
Aside from the initial focus on music releases, the growing community of users has encouraged expansion into digital artwork, and even events like concerts or exhibitions, using the reliability of blockchain and smart contracts. And it’s another great example of how cryptocurrencies and blockchain, digital assets and NFTs, have quickly established themselves within entertainment.
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