The Chainsmokers are Cutting Out Scalpers by Backing Blockchain-Based Ticketing Platform
Sarah Tran Oct 22, 2019 04:00
The Chainsmokers, and their manager Adam Alpert, CEO at Disruptor Records are backing YellowHeart, a new ticketing platform founded by Josh Katz, a music executive.
The Chainsmokers, and their manager Adam Alpert, CEO at Disruptor Records are backing YellowHeart, a new ticketing platform founded by Josh Katz, a music executive.
The YellowHeart platform runs on a public blockchain and is fully decentralized while allowing artists and teams to identify and sell directly to their fans. The platform is planning to go live in 2020.
Why blockchain?
When artists use YellowHeart, they can set a maximum resale price, ensuring tickets are being distributed to genuine fans. The platform aims to cut out the middlemen in the music industry, known as scalpers, who purchase large amounts of tickets only to resell them at a higher price and profit from the transactions.
Josh Katz, founder and CEO of YellowHeart, explains:
“The plague of the scalping industry is something I’ve talked to artists and friends about for years, and with the unprecedented growth of this underground system, we knew it was time to find a real solution.”
“Blockchain offers us the unique ability to track the entire ticketing cycle, which means the tickets end up in the hands of the fans, and no one else,” said Josh Katz.
Adam Alpert, CEO at Disruptor Records said, “With the Chainsmokers, we’ve been outspoken about the issue of scalpers for years and are excited to partner with YellowHeart to provide a smart and effective solution that gives control back to artists and fans.”
Image via Shutterstock
