NFT News

NFT, a ticketing and music platform, has announced the introduction of its token on Bittrex Global’s IEO Platform Starting Block.

With scalpers and counterfeit tickets circulating the music industry, some consider it a mess; fortunately, NFTs may be a means to something better.

Nonfungible tokens (NFTs) are well-known for their unique artistic approach. However, in use cases like concert ticketing, their utility is far greater. The present market for live event ticketing is valued at $72 billion, with a forecast of $95 billion by 2026. Despite tremendous expansion, the ticket has not progressed beyond the barcode.

However, it is the notion, not the format, that makes the ticket inefficient. The traditional ticket has been chastised for its propensity to be resold at a significantly higher price on secondary markets, allowing scalpers to profit at the expense of the event organiser. Of course, this is a minor problem compared to the possibility of fake tokens being sold, thereby shutting people out of the event. Many people consider the current situation of the ticketing industry to be nothing short of a disaster.

Because of their capacity to connect artists, performers, and event hosts directly to fans, NFTs have become the passport to a music revolution. Because each is backed by the blockchain, it can be validated for authenticity, allowing buyers to track the object’s origins indefinitely. As a result, the concept of fake tickets is completely gone. Not to mention future sales, royalties ensure that the artist receives a share of the secondary income, protecting the art itself.

Despite the fact that the concept is far from what the rest of the world is used to, systems like YellowHeart Protocol are helping to make this shift in ticketing a reality. The YellowHeart Protocol has risen to prominence in the music industry, offering an NFT platform with Polygon-powered tickets. Fans can obtain access to perks that apply to people who have links to an artist’s tokenized network by hanging onto these digital assets, such as discounts at various businesses, entrance to special events, and VIP meet & greets.
YellowHeart Protocol has announced the launch of its utility token, HRTS (pronounced “Hearts”), on Bittrex Global’s IEO Platform Starting Block as the platform’s inaugural project, following a series of agreements.

“YellowHeart Protocol seized on the opportunity to engage with Bittrex Global when it introduced its new IEO service, Bittrex Starting Block,” says Josh Katz, the CEO and founder of YellowHeart LLC, in response to this release. The launch of the YellowHeart Protocol and its token, HRTS, is a watershed moment for the ticketing business. We are eager to help propel this revolution ahead as an early adopter of blockchain ticketing.” The club has announced that their IEO sale will begin at 13:00 UTC on May 24.

Introducing the first NFT album to the globe

The YellowHeart Protocol uses blockchain technology to transform the way individuals generate, sell, and resale tickets, going beyond the barcode. The HRTS utility token has added new capabilities to tickets that were previously only available as NFTs. Ticket NFTs, on the other hand, aren’t the only asset available on the market. Users can also find music NFTs, collectible NFTs, and community NFTs here, which they can swap for incentives and additional interaction opportunities across many mediums.

The YellowHeart Protocol has already shown to be an effective platform for musicians to join the NFT movement. The initiative has obtained agreements with Maroon 5, The Beatles, and XXX Tentacion thanks to the assistance of YellowHeart LLC, a firm credited with creating the first NFT album and being among the founding members. The team has also taken on some of the most important music initiatives in the sector, such as the release of the first NFT record with the American rock band Kings of Leon. While fans may still buy physical copies or stream the new album, the NFT version comes with extra features like a “movable” album cover and a special edition vinyl print.

YellowHeart LLC has also pursued collaborations with venues such as MGM Resorts and the SCOPE Art Show, which employ NFTs to demonstrate how the ticketing revolution will begin. The SCOPE Art Show is widely regarded as one of the world’s largest and most prominent art events. YellowHeart LLC released the Miami Beach 2021 BIP NFT tickets as part of this cooperation to commemorate their 20th anniversary.

Getting the community involved

Following the release of the YellowHeart token and ticketing system, the platform intends to continue exploring innovative relationships with artists and venues. The goal is for the YellowHeart Protocol to demonstrate how NFT ticketing is driving a larger metaverse movement through these efforts.

Users are urged to join the project’s movement to fix problems and rewrite songs together, using YellowHeart Protocol’s newly launched utility token inspiring community involvement.
Users are urged to join the project’s movement to fix problems and rewrite songs together, using YellowHeart Protocol’s newly launched utility token inspiring community involvement.

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Find out more about YellowHeart here.

This article is just for educational purposes.

Make your own exploration before making any form of investment, as always.

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