Product is engineered to drive mass adoption of NFT music
YellowHeart, the Web3 marketplace for ticketing, music and memberships, has announced the release of the first-ever NFT music streaming player to drive mass adoption of the new music format. By releasing an NFT music streaming player, YellowHeart is massively leveling up the playing field since for the first time fans can stream all of their NFT music and videos in a single player, rather than opening separate songs within an app.
While hundreds of artists have already released music and videos as NFTs, a barrier to adoption has been the fact that fans can’t stream consecutive NFT songs and albums as they can on DSPs like Spotify and Apple Music. One of the biggest drivers of NFT music for both artists and fans has been the fact that it puts the majority of revenue back in the hands of artists, unlike DSPs, which only give artists an average of .003 – .005 cents per stream. YellowHeart’s NFT music streaming player makes it possible for artists to continue to earn a fair profit for their work and easier for fans to download and play their favorite audio and video content. The player also has the capability to expand beyond music and into streaming gated TV and film content.
With the new product, artists will be able to offer fans benefits that are proprietary to the NFT format. These include everything from concert tickets, to custom vinyl records, to exclusive merch, to immersive visual art, to meet-and-greet opportunities. Releasing NFT music on YellowHeart’s marketplace also gives artists the ability to share regular updates with fans about upcoming tour dates, new music releases, giveaway opportunities, and much more. All of these benefits can be coupled with NFT music and delivered to fans with a single click, which isn’t possible with other music formats like traditional streaming and mp3 since they’re not smart contracts (i.e., NFTs).
“When I started working on YellowHeart before the pandemic, while we were building our product on the backend, my primary focus was educating artists and industry leaders on how transformative NFT music could be for the larger space,” states Josh Katz, founder and CEO of YellowHeart. “Since making major headway in 2021 and releasing the first major NFT album and tickets, one of the biggest bottlenecks we’ve faced is making NFT content easily digestible for fans. Bringing a Web3-friendly streaming player into the space puts this roadblock to bed. Our hope is that it will continue to drive mass adoption so we’re able to marry the best of old and new music formats with NFTs.”
Founded in 2017, YellowHeart is the leading Web3 marketplace for ticketing, music and memberships, which accepts both crypto and credit card payments. Powered by distributed ledger technology, YellowHeart’s platform was designed to help the larger industry graduate to the next phase of ticketing, giving control back to artists and fans. YellowHeart is one of the earliest adopters of blockchain ticketing and music, having released the first-ever NFT tickets and NFT album with Kings of Leon in 2021. Tao Group Hospitality, MGM Resorts, Maroon 5, Julian Lennon, and ZHU are just a few of the globally recognized artists and brands YellowHeart works with.