The Chainsmokers, a famous electronic dance music duo in the United States, has recently decided to back a new initiative called Yellowheart, which is focused on offering ticketing solutions using the blockchain technology.
According to the press release, the group has decided to invest in the company together with their manager and CEO of Disruptor Records Adam Alpert. The platform aims to offer a decentralized alternative so that artists and other people in the music industry are able to get transparent ticketing for easier and safer sales for their fans.
Yellowheart was created by Josh Katz, who has worked as an executive in the music industry for years. According to him, the platform uses the blockchain as a way to let the artists have more control over the process of selling tickets to their own shows. They can even control sales in secondary markets, something that most musicians and companies cannot do.
One of the main goals of the initiative is to be able to get rid of the middlemen in the industry, commonly known as scalpers. They often buy several tickets and sell them later for a higher price. Alpert states that these scalpers have been a hugely problematic issue for a long time.
After its launch in 2020, Yellowheart will enable the musicians to determine the prices of resold tickets, this way, they can make it so that scalpers are taken out of the equation. With more control over the process, the artists will get more freedom and more profits.