NFT platform for ticketing and music announces token launch on Bittrex Global’s IEO Platform Starting Block
The music industry is what some consider a mess with scalpers and fraudulent tickets circling around; fortunately, NFTs may be a way to something better.
Many know nonfungible tokens (NFTs) for their original take on art. However, their utility is much more significant with use cases such as event ticketing. The current market for live event ticketing is estimated to be worth $72 billion and is projected to reach $95 billion by 2026. Unfortunately, despite significant growth, the ticket has not evolved past the barcode.
However, it isn’t the format alone that makes the ticket inefficient; it is the concept. The traditional ticket has received criticism for its ability to be sold on secondary markets at a much higher price, enabling scalpers to profit at the expense of the event holder themselves. Of course, this concern is only second to fraudulent tokens being sold and locking people out of the event entirely. Taken together, many describe the current state of the ticketing industry to be nothing less of a mess.
NFTs have become the ticket to a music revolution for their ability to link artists, performers and event hosts directly to fans. Since each is backed on the blockchain, each is verified for its authenticity, allowing purchases to trace the origin of each to the object for eternity. Therefore, the concept of fraudulent tickets is eliminated entirely. Not to mention future sales, ensure the artist has a share in secondary profits through royalties, protecting the art itself.
Although the concept is far different from what the world is familiar with, platforms like YellowHeart Protocol are making this transition in the way the world approaches ticketing a reality. The YellowHeart Protocol has emerged as a major player in the music space, providing an NFT platform complete with Polygon-powered tickets. By holding onto these digital assets, fans can gain access to benefits that apply to those who have links to an artist’s tokenized network, enabling users to receive discounts at different establishments, admission to special events and VIP meet and greets.
With a number of partnerships now under its belt, YellowHeart Protocol, has since announced the launch of its utility token, HRTS (pronounced “Hearts”), on Bittrex Global’s IEO Platform Starting Block as the platform’s debut project.
In response to this announcement, Josh Katz, the CEO and founder of YellowHeart LLC shares, “YellowHeart Protocol jumped on the opportunity to work with Bittrex Global as it launched its new IEO service, Bittrex Starting Block. YellowHeart Protocol and the release of its token, HRTS, mark a watershed moment for the ticketing industry. As an early adopter of ticketing on the blockchain, we are ready to help propel this movement forward.” The team has announced their IEO sale will start May 24 at 13:00 UTC.
Introducing the world to the first NFT album
To innovate beyond the barcode, the YellowHeart Protocol leverages blockchain technology to change the way people create, sell and resell their tickets. Tickets, already available as NFTs, are now enhanced with new capabilities enabled by the HRTS utility token. However, ticket NFTs aren’t the only asset available in the marketplace. Here, users can also find music NFTs, collectible NFTs and community NFTs, which they can exchange as they earn rewards with new opportunities for engagement across different mediums.
The YellowHeart Protocol has already proven successful as the premier place for musicians to participate in the NFT revolution. With the support of YellowHeart LLC, a company credited with creating the first NFT album and being among the founding members, the project has secured partnerships, including Maroon 5, The Beatles and XXX Tentacion. The team has also taken responsibility for some of the most significant music projects in the space, like the first NFT album release with the American rock band Kings of Leon. While fans could still purchase physical copies of the new album or stream it, purchasing the NFT version offers enhanced experiences like a “movable” album cover or special edition vinyl print.
YellowHeart LLC has also pursued partnerships with venues like MGM Resorts, which use NFTs to demonstrate how the ticketing revolution will begin and the SCOPE Art Show. For context, the SCOPE Art Show is recognized as one of the largest and most influential art events in the world. Under this partnership, YellowHeart LLC released the Miami Beach 2021 BIP NFT tickets to celebrate their 20th anniversary.
Sparking community involvement
Following the launch of the YellowHeart token and ticketing system, the platform aims to continue pursuing partnerships with artists and venues in what they deem to be a disruptive angle. The intent is that through these efforts, the YellowHeart Protocol can demonstrate how NFT ticketing is leading a greater movement towards the metaverse.
Now, with YellowHeart Protocol’s newly released utility token inspiring community involvement, users are encouraged to join the project’s movement to fix tickets and rewrite music together.
Published By : Coin Telegraph