In a bold move to reshape the concertgoing experience, The Chainsmokers have thrown their support behind a brand new blockchain-based platform known as YellowHeart. Teaming up with their manager Adam Alpert, the Grammy Award-winning duo aims to tackle the frenemy of all concert lovers: scalpers.
Decentralized Ticketing: A New Era
Founded by visionary music executive Josh Katz, YellowHeart is poised to revolutionize how fans purchase concert tickets. By utilizing public blockchain technology, the platform creates a transparent ticketing process. This enables artists and venues to assert control over their ticket sales directly, cutting out middlemen who tend to inflate prices through reselling.
Scalpers: The Uninvited Guests
Scalpers have long been the unwanted guests in the concert world, snatching up tickets in bulk just to resell them at exorbitant prices. YellowHeart aims to successfully boot these uninvited visitors from the party. Artists will have the capability to set maximum resale prices and ensure that genuine fans get first dibs on tickets, leaving scalpers high and dry.
How is YellowHeart Different?
- Control for Artists: Artists can dictate their own sales strategy and directly manage ticket distribution.
- Transparent Resale Policy: The platform encourages fair pricing, allowing artists to benefit from resold tickets.
- Genuine Customer Focus: With measures to verify buyers, YellowHeart wants to ensure that tickets land in the hands of real fans.
Industry Impacts and Broader Adoption
Alpert, who also wears the hat of CEO at Disruptor Records, highlighted that the scalper situation has been a persistent thorn in the side of the music industry for years. With YellowHeart set to officially launch in 2020, there is a growing anticipation that this could mark the beginning of a much-needed renaissance in ticketing.
Others Joining the Blockchain Bandwagon
The payroll for innovation is piling up; in September, CJ Corp’s CJ OliveNetworks announced a blockchain-based copyright system to keep track of digital music rights. Adding to the chorus, Warner Music Group has put its chips on blockchain startup Dapper Labs for their new digital asset network.
The Future is Bright
The future of concert-going looks promising with platforms like YellowHeart pioneering a more equitable ticketing system. The industry seems to be finally embracing technology that benefits artists and fans alike, ensuring a fairer marketplace for everyone involved. Who said the music industry moves slow?
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