Bittrex heralds ‘NFT revolution’ with launch of music platform
YellowHeart Protocol, an NFT platform that is poised to disrupt the ticketing and music industries, is to be the first project launched on Bittrex Global Starting Block, the initial exchange offering platform.
Starting Block was unveiled in February by Bittrex Global, the digital asset exchange that has operations in Bermuda and Lichtenstein.
Bittrex Global said YellowHeart Protocol is using blockchain technologies to transform what tickets can do and how they are created, sold and resold.
Through the protocol, tickets are now offered as non-fungible tokens and enhanced with new capabilities enabled by the HRTS utility token.
In contrast to traditional tickets, NFT tickets offer music, video and engaging experiences. They enable artists to communicate directly with their fans and provide artists and venues with a share of the proceeds any time a ticket is resold.
Bittrex said the YellowHeart Protocol was created to bring together an entire ecosystem — composed of fans, artists, sports teams, brands, venues, event promoters and more — to participate in this leap forward.
This community comes together at the YellowHeart NFT marketplace, which can be accessed online at yh.io or via the YellowHeart mobile app for iOS and Android.
Josh Katz, founder and CEO of YellowHeart LLC, was profiled last year in Rolling Stone magazine’s Future of Music issue.
YellowHeart handled the 2021 release of When You See Yourself by Kings of Leon, who became the first rock band to release a new album as an NFT.
Mr Katz said: "In addition to ticket NFTs, the YellowHeart marketplace also offers music NFTs, collectible NFTs and community NFTs.
“It is already the premier place for musicians to participate in the NFT revolution, where artists like Maroon 5, The Beatles and XXXTentacion are being joined by a rapidly growing community of creators.
“With the launch of the HRTS token, anyone can now join this community; HRTS token holders will be able to engage with each other in innovative ways, creating a decentralised, peer-to-peer platform for ticketing and entertainment.
“We are proud to be the YellowHeart ecosystem’s founding member and technology provider.”
Stephen Stonberg, CEO of Bittrex Global, said: “We are pleased to have selected YellowHeart as the first project to be launched on Starting Block.
“It displays strong signs of promise in the new world of Web 3 ticketing and music, and we are happy to support and generate more awareness around this project through our IEO platform.”
Chris Sinkey, listing director and chief business officer at Bittrex Global, said: “After our team drove an exhaustive, multi-month IEO qualification process, HRTS was selected as the first project to debut on Starting Block for many reasons, including the quality of its token utility value, fully-diluted valuation, circulating supply and demand balance, product road map, team experience, brand and partner accomplishments.
“We’re excited for the future of the YellowHeart Protocol and think the addition of the HRTS token to the Bittrex Global ecosystem will add significant value for all of our users, especially for those who are lucky enough to get into the IEO.”
The YellowHeart Protocol token sale will launch on May 10 on Bittrex Global Starting Block.