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Blockchain has the potential to improve the lives of millions of people around the world. Despite the hype around Bitcoin, the potential use cases for this technology are often limited to the financial industry only and are only just diversifying. The potential of blockchain technology for the music industry is huge and is yet to be fully explored.
In response, platforms such as YellowHeart, a leading NFT marketplace for music, ticketing, community tokens, and more has come in to fill this gap. which accepts crypto and credit card payments. Founded in 2017 by Josh Katz, an NYC-based music blockchain innovator and industry leader, YellowHeart has collaborated with major top-tier music artists including Kings of Leon, Maroon 5, and the late XXXTentacion. Prestigious names like Jerry Garcia, Julian Lennon, Kat Graham, Brandi Carlile, ZHU, and Burnley FC also make YellowHeart’s partnership list.
In 2021, the company was responsible for some of the most significant music projects in the NFT space - including the groundbreaking first NFT album release with Kings of Leon.
In addition to creating major music moments with notable music NFTs in 2021, the company also launched the YellowHeart Wallet App. This mobile crypto wallet replaces physical tickets with YellowHeart's hybrid Web3 Ethereum-based NFT ticketing platform and marketplace.
YellowHeart's NFT ticketing system provides users with innovative digital engagements and content interactions. In addition to enhancing the fan experience, the platform offers new tools and information to event organizers and touring artists.
Through tokenized access linked to IPFS, blockchain modifications can result in unique, optimized experiences. For example, they can create concert tickets, digital image changing color upon redemption, and instant upgrading. Fans can also gain special access by buying on-site products or scanning in/out of a concert, event, and activation area.
Polygon-powered NFT tickets link to the rest of the YellowHeart ecosystem. This implies that fans can obtain unique access or partner possibilities if they have previously purchased an NFT. Such benefits apply to those who have links to an artist's tokenized network. They include discounts at certain establishments before/after a concert, admission to special events, VIP meets and greets, and more.
In the music industry, this comes in handy as event organizers and artists can have an easier time issuing and tracking tickets for events. There is also transparency that comes with blockchain which raises their credibility.
The BlockDown Festival
The BlockDown Festival is the most recent addition to the marketplace. Three distinct NFT Tickets will serve as your ticket to the inaugural BlockDown Festival, with each design reflecting a new tier of offerings. Each ticket holds various benefits which will enhance attendees’ BlockDown experience.
Scope Art Show - Miami Beach 2021
YellowHeart partnered with SCOPE Art Show to release the Miami Beach 2021 VIP NFT tickets to celebrate their 20th anniversary. SCOPE Art Show is one of the largest and most influential experiential art events in the world.
Minted tickets for the event featured both unique and editioned artwork celebrating SCOPE's New Contemporary program, presenting 10 seminal SCOPE artists who define the art and cultural landscape across a variety of creative disciplines which included: performance art, music, film/video, and visual art.
In 2021, YellowHeart made waves in the music business by changing the industry's understanding of NFTs. By teaming up with a long list of A-list artists from various genres, YellowHeart showcased how users (and artists alike) can leverage decentralized technology to produce new forms of content and interaction. Furthermore, it rewards music lovers and content creators with countless opportunities for engagement across different mediums.
YellowHeart seeks to push the boundaries of what musicians can do with the addition of Web3 technology. With NFTs, artists can take the music industry to the next level by interacting with fans more directly. As they do this, they can also earn income from the sold pieces and earn passively when their NFT is resold. In a world where artists are often oppressed by middlemen, this is a huge step for the industry.
Romero Britto X DJ White Shadow
YellowHeart is exclusively offering the "Romero Britto" NFT visual album collection. This collection features ten original digital music masterpieces from GRAMMY Award-winning DJ White Shadow.
Julian Lennon, John Lennon's son, offered a collection of Beatles memorabilia from his private family collection as a set of non-fungible tokens (NFT). On February 7th, in partnership with Julien’s Auction House, the YellowHeart marketplace opened its auction, and the collection was among the most sought-after items, with one of the NFT items from the collection selling for $76,800.
"Lennon Connection" featured several NFT offerings, including Paul McCartney's hand-written notes for "Hey Jude," one of the Beatles' most popular songs. Originally titled “Hey Jules,” McCartney wrote the song for Julian to console him following his parents John and Cynthia Lennon’s divorce.
Other items in the collection include various items from John Lennon's film wardrobe, as well as instruments the artist donated to his son. The NFTs are audio-visual collectibles that come with Julian's narrative.
In the Summer of 2021, YellowHeart partnered with Maroon 5 to build the Maroon 5 NFT community. One of the offerings, the Animated JORDI Album Artwork, grants token holders access to exclusive perks, such as a band listening party. Other offerings included two portrait bundles created by longtime friend of the band, Sage Vaughn.
Community members also have the opportunity to join the Maroon 5 DAO by purchasing a “Seed”, “Sprout” and ultimately a “Living” NFT - which will evolve in real-time depending upon the changing carbon index. The Maroon 5 DAO “Sprout” Phase is now on sale, and will close on April 2.
The YellowHeart Wallet enables users to purchase and redeem NFT tickets for live events, which can be done using both credit card and crypto payments through Ethereum & Polygon integrations. Furthermore, the wallet connects seamlessly with concert-going experiences and on-site activations.
"The YellowHeart Wallet is a major milestone for the live event industry. The App allows fans, artists, and venues to interact with Web3 marketplaces, greatly evolving the fan experience and creating long-term recurring revenue opportunities for artists, teams, and venues that don't adapt will get left behind," said Josh Katz, CEO of YellowHeart.
The new YellowHeart software and wallet benefits artists and event organizers. For example, now they can sell tickets on an open-source blockchain. Also, they can monitor secondary market resale and potential 'scalping.' Both of these are opportunities for the industry to thrive even more with blockchain in integration. After the event, the ticket becomes is access to community and exclusive content. “For instance the day after the show the ticket-stub will give on-going access to exclusive content within the wallet such as performances or highlights from the event.” said Thomas Emmanuel, YellowHeart’s Chief Product Officer.
Essentially, non-fungible tokens (NFTs) enable tickets to serve as a direct link between artists or performances and fans. Traditional online ticket sales are usually under the control of a third party who would also be responsible for ticket distribution and monitoring ticket sales. However, NFT ticketing makes the ticketing process for fans much easier and more cost-effective by eliminating the third parties involved-which often means additional fees. An NFT ticket provides easy access for fans to the concert and also offers fans additional unique and exclusive content.
YellowHeart uses the blockchain's potential to bulldoze the conventions of selling tickets and art. It strategically positions itself at the crossroads of crypto occurrences, art, and ticketing. Furthermore, it is developing an asset class allowing purchasers to trace the origin of a tradeable object indefinitely. Lastly, it helps creators obtain compensation for a percentage of all future revenues from trading their creations.