Binance will be creating unique web3 experiences for the prestigious GRAMMY Awards.
Amongst one of the most prestigious music awards, GRAMMY recognizes “Outstanding Achievement in the music industry” of the United States.
What happened? Binance joins the Recording Academy as the first-ever official cryptocurrency exchange partner for the 64th Annual GRAMMY Awards and GRAMMY Week events, including the inaugural Recording Academy Honors celebration.
Binance is a global blockchain company and the world’s largest cryptocurrency exchange. As per the agreement, Binance will work with the Recording Academy to create “various Web3 technology solutions and experiences” for its “members, events and initiatives”.
Recording Academy Co-President Panos A. Panay mentioned that they are evolving the Recording Academy for a rapidly changing music industry and for the next generation of creators. “We feel that it’s important to work with innovative partners to explore new monetization avenues for our members and create new experiences for music fans,” Panos added.
Commenting on the partnership Binance Co-Founder Yi He, said:
“We were impressed by the Recording Academy’s ability to meet changing demands by its community—this is something we mutually share as a company that puts users and people first. Starting with the GRAMMYs, we are excited to work together with the Recording Academy to bring fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment.”
This is not the first Web3 related endeavour from GRAMMY. Last year, the Recording Academy partnered with Tezos based music NFT platform OneOf to launch NFTs commemorating the 64th, 65th and 66th GRAMMY Awards.
All the players in the music industry are exploring blockchain technologies to bring new experiences, generate new revenue streams, as well as to overcome the challenges of the music industry.
In January, Warner Music Group partnered with OneOf to release exclusive NFTs for a range of artists to build one-to-one relationships with their fans and winning in the new Web3 economy.
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