Friday, October 7, 2022
Josh Katz, CEO and founder of YellowHeart, pointed out that his platform leverages NFT and blockchain technology to create a more democratized and transparent ticketing experience. "Why is it so difficult to get a ticket to a concert and when you get there, half of the seats are empty?" he asked. "And how many times has that ticket been sold before you bought it?"
Katz went on to say that the YellowHeart platform uses blockchain to create transparency, smart contracts to send resale proceeds back to stakeholders and NFTs for proof of assets in digital files. These capabilities are already leveling up the playing field, he added, by making NFT tickets more accessible to event organizers, artists and teams.
While NFT tickets provide a way to share regular updates and immersive visual art, they also solve for some of the biggest issues with ticketing, Katz noted, such as price gouging, fraudulent ticket sales, zero resale profit for artists. In addition, he said, the platform facilitates direct cryptocurrency payments without intermediaries, enabling consumers who formerly converted crypto on other sites to purchase tickets directly from YellowHeart via bitcoin and Ethereum.
Katz further noted that NFT tickets offer a range of benefits, such as full albums and custom vinyl records, adding that YellowHeart released the first-ever NFT album and tickets with Kings of Leon in early 2021. Since then, the company has worked with Maroon 5, Julian Lennon, ZHU, Jerry Garcia, Tao Group Hospitality (Kaskade, Nicky Romero, etc. shows), The Surf Lodge (Bob Moses, Elderbrook), shows and more, he said.
Katz also believes YellowHeart's proprietary NFT streaming player will simplify Web3 music consumption by creating what he described as a Web3-friendly way to listen to music that combines the best of old and new music formats into a unified customer experience.
Looking ahead to what he sees as the limitless potential of Web3, blockchain and NFT-powered ticketing, Katz expects the market to continue to embrace smart tickets in lieu of paper-based vouchers, scalpers and a range of fraudulent schemes. Smart tickets engage fans, limit fraud and let ticket issuers participate in resale revenues, he stated.
Katz cited additional YellowHeart platform benefits, including the ability to create digital memberships, communities that facilitate engagement and loyalty among issuers and fans, and gated-access media to streaming music and video that is limited to specific NFT holders. These capabilities will soon be available to developers, he added, who can use the company's APIs and licensing to create their own NFT-enabled environments.
"YellowHeart leverages the power of Web3 to help venues and fans graduate to the next phase of ticketing," he said. 
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