If you have been keeping a close watch on global crypto trends, you can agree that Australia is among the nations that have been significantly opening up to digital currencies. According to Statista, the market has already hit $799.3m and is expected to continue growing in the coming years. As if that were not enough, by 2023, 15% of Australian investors owned digital currencies, with young investors showcasing a higher adoption rate of more than 30%.
Any serious investor will agree that staying up to date with such statistics is important. Things keep changing in this industry, and you may always want to take advantage of shifting dynamics. For instance, you may want to check out the Bitcoin price prediction 2024 to ensure you make more informed investment decisions. Therefore, if you are interested in knowing what the Australian crypto market looks like, why don’t you stay around and find out?
Crypto in Australia’s entertainment sector
You may have come across different movies featuring crypto themes, so crypto is not new in this sector. Movies like Trust Machine: The Story of Blockchain and The Rise and Rise of Bitcoin have not stopped flooding our screens with crypto stories that captivate many audiences. But if you thought crypto movies were all there were, you might be wrong. Tracxn recently reported that there were about 34 blockchain-based Media and Entertainment startups in Australia. This just shows the sector’s potential.
Do you remember Demand Film, a Perth-based movie distributor, launching a crypto, Screencreds, in 2021? By using this coin, the company could pay customers every time they promote their content. That’s just the tip of the iceberg – crypto offers many more possibilities.
In other nations like the US, content creators are turning to crypto technology to fund their projects. Filmmaking is not just a walk in the park; it requires some good junk of money. And sometimes, getting partners can be tedious. But now, with blockchain technology, filmmakers can bypass traditional financing and instead raise the budget using Initial Coin Offerings (ICOs) from the crypto community.
On top of that, if you’re looking to kill some time at an Australian crypto pokies, there are numerous options. They don’t just come up with new ways to play; they also point to a possible future of the Australian entertainment sector. So, now you won’t only spin the wheel but also enjoy entertainment in an environment of innovation.
The sports industry has also been affected
About two years ago, the Australian Open Apes became the first Grand Slam tennis tournament to take a swing at the metaverse. The tournament released about 6,776 NFTs corresponding to the action on the court and was to host the competition virtually on Decentraland, a metaverse platform.
Owners would get an airdrop with footage of the point, as well as Open Apes merchandise and digital wearables. If you owned a token and the winning point was to be part of a championship match, you’d receive a physical ball in a tailored engraved case.
Fast-forward to 2024, and Adelaide Oval announced that it would allow AFL fans to buy food and drinks using digital currencies, becoming the first stadium in the country to do so. Various parties, including the Adelaide Crows and Adelaide Oval’s tenants, have supported this initiative.
And since the announcement just coincided with the AFL’s 2024 Gather Round event, hundreds of thousands of fans were set to benefit. After all, who does not want fast, cheap, and secure transactions in our world today? We generally tend to be fast-paced, and such announcements are suitable.
You don’t want to imagine a scenario where you have to wait for ages before you can complete your transactions. Especially in a short-lived setup like the AFL, you want to receive your money instantly. This is just one of the many benefits of crypto. According to the announcement, the technology was to be available starting with Melbourne’s match against Crown and continuing until the remainder of the 2024 Toyota AFL Premiership Season.
Regulatory landscape
Would you actively participate in something if you knew it was not safe? Most probably not. That is where proper regulations come in this sector, and it hasn’t been any different in Australia. The country has continued to show its commitment to protect its citizens from crypto scams.
And if you are very keen, you might have heard about the recent rumors from the Australian Financial Review, stating that Australia might implement new rules for crypto exchanges. During a crypto summit in Sydney, Alan Kirkland, an Australian Securities and Investment Commission commissioner, agreed to this, saying that some crypto exchanges might need licenses under the new rules.
The commissioner highlighted that the reason behind that move was that they thought that most crypto assets were financial products. As a result of the regulations, customers will likely be more confident as there will be necessary market protections.
Overall, more sectors could be under the pressure of adopting digital currencies because of their benefits. The online entertainment and sports industries are just but samples. Plus, as the government seeks to protect its citizens from fraud, we might see more people adopt crypto because of increased confidence – not just in 2024 but also in the years to come.
