Cryptocurrency financing, a new form of financing for the Indian entertainment industry
Cryptocurrency is thriving in the financial sector as the most popular digital currency across the world. Yes, there are some useful properties of more than hundreds of cryptocurrencies in the cryptocurrency market despite being highly volatile and risky. Investors from different levels (from beginners to professionals) are very much interested and instigated to invest millions of dollars in cryptocurrency through a digital wallet such as a Bitcoin wallet. Though cryptocurrency does not have legal status in India, this digital currency is booming in the country in many ways. It has even started cryptocurrency financing in the Indian entertainment industry in recent years. The Indian entertainment industry is highly interested in investing cryptocurrency in Indian movies owing to its smart functionalities. Let’s explore the process of cryptocurrency financing in movies and set to transform the Indian entertainment industry.
There is a dramatic change in the production and distribution techniques in the Indian entertainment industry owing to innovation and cutting-edge technologies. From the first black and white movie to 3D movies, the journey of Indian cinemas is picturesque. But there is a constant barrier to financing in a developing country like India. There are different forms of debt financing that can create a problem if the movie does not do well at the box office. Thus, multiple private investigators anticipate higher risk in investing and financing a huge amount of money in the Indian entertainment industry.
But, new cutting-edge technologies like blockchain and digital currency known as cryptocurrency have started offering ample opportunities to increase fan engagement and finance the Indian cinemas. It is expected that cryptocurrency financing in movies will usher in the nearby future for the Indian entertainment industry to overcome the hardest part of a project. There are multiple crowdfunding websites that have opened a wide door for multiple Indian independent filmmakers. Meanwhile, in the cryptocurrency market, Bitcoin is thriving and soaring high around US$45k and US$60k. Multiple cryptocurrencies or stablecoins can be used by these filmmakers for collecting payments from anonymous donors who are interested in cryptocurrency financing in movies.
Cryptocurrency financing is booming in the Indian entertainment industry owing to the Ethereum blockchain platform and protocols related to cybersecurity and smart tokens or smart contracts. Smart contracts help Indian filmmakers to exchange any means through private and secure ways.
Reasons for the Indian entertainment industry being interested in cryptocurrency financing in movies
There are multiple reasons why the Indian entertainment industry is highly interested to reap the benefits of cryptocurrency financing in movies— cryptocurrency is built on blockchain technology that is designed to transfer any amount of money to any party without any intervention of a third party, lowest transaction fee, utmost security, private transaction details, smart contracts to allow the agreements to terms and conditions, and the highest speed for transactions.
Essential steps for starting a cryptocurrency financing
Indian filmmakers are required to register for a cryptocurrency wallet or Bitcoin wallet to accept cryptocurrency financing in Indian movies. In order to start collecting finance, they need to promote their movies to attract multiple investors in the cryptocurrency market. These filmmakers can have a clear understanding through private conversations before accepting the terms and conditions. They have to observe the current prices of the favourable cryptocurrency to earn more revenue and avoid incurring a massive loss. Thus, it is a useful way to earn finance for the next film also.
But these steps should be taken before considering three important issues— suitable platform, favourable cryptocurrency, and local regulations from the government.
That being said, cryptocurrency financing has started to transform the Indian entertainment industry. But it has to pave through a long journey of struggle to hit the red carpet. The world cinema is waiting for some new creativity and twisted plots from the Indian entertainment industry in the nearby future.
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