Many are familiar with non-detachable tokens (NFTs) because of their original conception of art. However, their usefulness is much more significant with use cases such as event ticketing. The current market for live event tickets is valued at $ 72 billion and is expected to reach $ 95 billion by 2026. Unfortunately, despite significant growth, the card has not passed the barcode.
However, not the format alone makes the card ineffective; That’s the concept. The traditional card has been criticized for its ability to be sold in secondary markets at a much higher price, allowing scalpers to profit at the expense of the event holder themselves. Of course, this concern is only two for selling scam tokens and locking people out of the event completely. Together, many describe the current state of the ticket industry as no less a mess.
NFTs have become the ticket to a musical revolution thanks to their ability to connect artists, performers and event hosts directly to fans. Because each is backed up in a blockchain, each is verified for its own authenticity, allowing purchases to track the source of each object forever. Therefore, the concept of fraudulent cards has been completely abolished. Not to mention future sales, make sure the artist has a share in secondary profits through royalties, while protecting the art itself.
Although the concept is much different from what the world is familiar with, platforms like YellowHeart Protocol make this transition in the way the world approaches ticketing to reality. The YellowHeart protocol has emerged as a major player in the music industry, providing an NFT platform with polygon-driven cards. By owning these digital assets, fans can gain access to benefits that apply to those who have links to an artist’s token network, allowing users to receive discounts at various establishments, entry to special events and VIP meetings.
With a number of partnerships now under its belt, YellowHeart Protocol has since announced the launch of its service token, HRTS (pronounced “Hearts”), in Bittrex Global’s IEO Starting Block as the platform’s debut project.
In response to this announcement, Josh Katz, CEO and Founder of YellowHeart LLC shares, “The YellowHeart Protocol jumped at the opportunity to work with Bittrex Global when it launched its new IEO service, Bittrex Starting Block. The YellowHeart protocol and its token release, HRTS, momentarily mark a watershed for the ticket industry. As early blockchain ticketing efforts, we are ready to help propel this movement forward. “The team announced that their IEO sale will begin on May 24 at 13:00 UTC.
Familiarity with the world with the first NFT album
To innovate beyond barcode, the YellowHeart protocol leverages blockchain technology to change the way people create, sell and resell their cards. Cards, already available as NFT, are now enhanced with new capabilities enabled by the HRTS service token. However, NFTs of cards are not the only asset available in the market. Here, users can also find music NFTs, collectible NFTs and community NFTs, which they can replace as they earn rewards with new opportunities for involvement in various mediums.
The YellowHeart protocol has already proven successful as the first place for musicians to participate in the NFT revolution. With the support of YellowHeart LLC, a company that wins the creation of its first NFT album and is among the founding members, the project has achieved partnerships, including Maroon 5, The Beatles and XXX Tentacion. The team also took responsibility for some of the most significant music projects in space, such as the release of their first NFT album with 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 “sliding” album cover or a special edition vinyl print.
YellowHeart LLC has also partnered with venues like MGM Resorts, which use NFTs to demonstrate how the ticketing revolution will begin and the SCOPE Art Show. In context, the SCOPE art exhibition is recognized as one of the largest and most influential art events in the world. As part of this partnership, YellowHeart LLC has released the Miami Beach 2021 BIP NFT cards to celebrate their 20th anniversary.
Stimulates community involvement
Following the launch of the YellowHeart token and ticketing system, the platform aims to continue to pursue partnerships with artists and halls in what they see as a disruptive angle. The implication is that through these efforts, the YellowHeart protocol can demonstrate how NFT ticketing leads to greater movement toward the Mtavers.
Now, with the new YellowHeart Protocol service token engaging community involvement, users are being encouraged to join the project movement to fix tickets and rewrite music together.
Disclaimer. Cointelgraph does not endorse any content or product on this page. While we strive to provide you with all the important information we can get, readers should do their own research before taking any action related to the company and take full responsibility for their decisions, nor can this article be considered investment advice.