YellowHeart hopes to give artists and promoters control of how and at what price their tickets are resold. Founded by serial music entrepreneur Josh Katz and The Chainsmokers manager Adam Alpert, the blockchain-based startup will launch in Q2 of next year.
YellowHeart empowers artists and event organizers to set up rules for how their tickets are resold. Artist could set a specific price ceiling with the profits split between the seller, the artist or a charity. It's also possible to allow no price markup at all.
“No matter where the tickets are sold, they have to abide by those rules,” Katz told Techcrunch who says that its ticket resales will run on a public blockchain. “All transactions go through YellowHeart, all the revenue flows through YellowHeart,” he adds.
Eventually, fans could to sell their tickets on any marketplace that works with YellowHeart if - and its a big if - resale partners like StubHub agree to integrate it into their platform.
"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,” added Alpert.