The Recording Academy, a large music recording company best known for its annual Grammy Awards, has partnered with Binance, the world’s largest cryptocurrency exchange by trading volume.
The 64th Grammy Awards, which will take place on April 3rd, will also feature special NFTs from the OneOf marketplace, which will be distributed on Tezos.
Binance is the first-ever official crypto exchange partner of the 64th Annual Grammy Awards and Grammy Week activities, according to a joint announcement on Thursday, bringing numerous Web3 technology solutions and experiences to the organization’s events and projects.
The collaboration was announced just a few days before the 64th Grammy Awards, which will be held at the MGM Grand Garden Arena in Las Vegas on April 3rd.
The deal envisions the development of new revenue avenues for the Recording Academy as well as the production of new experiences for music fans, according to Panos Panay, co-president of the Recording Academy.
“Binance is the perfect partner for the GRAMMYs and our mission to empower music people around the world,” Panay said, adding that “as the leading player in the crypto and blockchain space and with its community-focused approach, Binance is the perfect partner for the GRAMMYs and for our mission to empower music people around the world.”
The new relationship will enable the Recording Academy to fulfill shifting community requests by creating innovative new experiences based on blockchain and “all the fantastic things Web3 technology can bring to entertainment,” according to Binance co-founder Yi He.
Binance’s representative declined to say if the relationship would involve the use of cryptocurrency at this time, stating that the parties plan to reveal additional details at a later time. “A lot of options are currently being discussed and explored,” the spokesman stated.
The Recording Academy’s collaboration with Binance isn’t the organization’s first journey into the worlds of music and cryptocurrency. In November 2021, the Recording Academy made a significant stride into the business by partnering with OneOf, a nonfungible token (NFT) marketplace funded by record producer Quincy Jones.
To commemorate the 64th, 65th, and 66th Grammy Awards, the exclusive cooperation plans to release digital collectible NFT drops on the Tezos blockchain.
On the other hand, a spokeswoman for Binance stated that this is the first time the company has cooperated with a music organization. Through its Binance NFT platform, which opened last year, the cryptocurrency exchange is still actively collaborating with artists and musicians.
Binance’s dedication to working with mainstream companies to increase bitcoin acceptance is reinforced by this agreement.
Binance CEO Changpeng Zhao revealed in early March that the exchange planned to find and invest in one or two targets in each economic area, with the goal of bringing them into crypto. On its quest to improve consumer knowledge of cryptocurrencies and blockchain, the cryptocurrency behemoth recently invested $200 million in Forbes magazine.