People have been able to purchase music albums as NFTs for a little while now, but actually listening to them on the blockchain has been out of reach. YellowHeart is addressing this roadblock with a new NFT streaming player.

When you have a nice vinyl collection, one great thing about it is rifling through sleeves, selecting a record, and gently placing it on the turntable to listen to and enjoy. With a digital music collection of NFTs, surely you’d expect to be able to listen to it just the same? Well, nobody has really been able to do that, which is why a new NFT music streaming player is being developed by YellowHeart.

Who Is YellowHeart?

YellowHeart is a web3 NFT marketplace, focussed primarily on ticketing. The site endeavours to empower fans, artists, and sports teams by using the greatest parts of web3 technology.

Along with secure and traceable ticketing for sports games, events, and concerts, YellowHeart offers bonus collectibles. These can come in the form of digital artwork, exclusive videos, and even music. The platform accepts payment both in the form of cryptocurrency and credit card payments. The idea is to boost engagement between audiences and events, whilst reducing fraud and increasing transparency.

YellowHeart was responsible for developing the tokens and smart contracts which allowed Kings of Leon to release the first ever NFT album and tickets.

NFT Music

NFT music refers to music projects which have been purchased on the blockchain. Whilst music lovers can seamlessly play digital songs on platforms like Spotify or Apple Music, they’d need to switch between apps to listen to their NFT music.

We’re seeing the number of artists releasing music as NFTs steadily increasing. In the UK last week, Muse became the first to reach number 1 in the UK charts with an NFT project. In the week prior to this, Manchester rapper Aitch reached number 2 with his debut album Close to Home, which was also available as an NFT.

Since NFTs are becoming more prevalent in the music world, it makes sense to have somewhere to listen to NFT music with the same ease as regular digital music. YellowHeart says it is trying to “level the playing field” with its new music streaming player.

YellowHeart Music Streaming Player

CEO of YellowHeart, Josh Katz has said that the new NFT music streaming player aims to drive mass adoption of web3 music.

Speaking on this new development, Katz said, ““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.”

In true YellowHeart fashion, the new music streaming player will incorporate a number of web3 tools. Alongside being able to stream music NFTs purchased from the platform, users will also be able to get hold of tickets and additional perks.

To begin with, the player will only include music purchased from YellowHeart. However, it has already been announced that there are future plans to expand to other wallets and marketplaces.

In terms of use-cases for blockchain technology, music streaming is a pretty new idea. Whilst it sounds like it makes perfect sense, we’ll have to wait and see if music fans and NFT collectors take to NFT music players. If they catch on, we could see the web3 music space growing in a potentially huge way.

Wondering why this would be such a great thing?

Benefits of Web3 Music

First off, let’s clarify what web3 means.

The internet we’re used to these day is web 2.0, also known as the “read and write” web. It means users can see content, as well as create and contribute. Web3 has been nicknamed the “read, write, and own” web. This means users have a stake in the platforms they’re interacting with.

Web3 is built on the blockchain. Using this new technology means there’s much more transparency with what’s going on “behind” the scenes of a platform (although technically there isn’t a behind the scenes… that’s sort of the point!).

Blockchain technology also means things are trustless and permissionless. So, there’s no relying on one single company or organisation to keep things running. Plus, you don’t have to trust that they’ll act honestly and properly all the time. Not to mention, everything runs faster, more simply, and works across the globe!

Alright, so why does this spell great change for music and the people involved in it?

With web3 tools and marketplaces, artists can enjoy a successful career and make money from their passion whilst holding onto full ownership of their art.

The current music industry could fool you into believing those things are mutually exclusive. Well, they don’t have to be! Fans also get to be more involved with the artists they love, and share in their success more directly.

It’s a win for everyone involved.

Besides NFT music streaming players, web3 applications within the music world can include things like royalty sharing too. At Fractis, we believe in creating a sustainable and transparent ecosystem, which empowers both aritsts and fans.

To find out more about what we’re about, check out this article.

Sign up to Fractis today, and be among the first to join in the music royalties revolution!