The binance cryptocurrency exchange became a member of the 64th edition of the GRAMMY Awardswhich will provide Web3 solutions in the organization of events throughout the year.
According to the president of the Recording Academy, Panos Panay, the goal of the collaboration is to explore new monetization opportunities for artists and provide new experiences for music lovers:
As a leading player in the cryptocurrency and blockchain space and with its community-centric approach, Binance is the perfect partner for the GRAMMYs and for our mission to empower music people around the world.
Binance co-founder Yee He said the collaboration with the award will bring blockchain and Web3 technology expertise to the entertainment industry. She said:
Starting with the Grammys, we’re 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.
Details of the deal will be announced later. The sponsorship announcement comes just days before the 64th annual Grammy Awards, scheduled for April 3 at the MGM Grand Garden Arena in Las Vegas. Other Grammy 2022 partners include Mastercard, IBM, Hilton and FIJI Water. The show will be broadcast live on CBS and Paramount+. Binance previously held a free giveaway for NFT tokens that attracted stars like basketball player Jimmy Butler, businessman Jay Butlin, and MMA fighter Valentina Shevchenko.
The cryptosphere and music come together
A collaboration between Binance and Grammy can bring many benefits to both worlds: cryptocurrency and music, but this is not the first time that these areas have come together to cooperate. In addition to Binance, the FTX cryptocurrency exchange Europe cooperated with Tomorrowland. It is a Belgian electronic dance music festival that has been taking place in Boom, Flanders, Belgium since 2005. In addition, FTX US launched the NFT collection on the Solana blockchain in association with the Coachella music festival.
Blockchain platform Algorand sponsored the Ultra Miami music festival, one of the biggest EDM music festivals that took place this past weekend. A growing number of musicians have been exploring the NFT space lately. Popular musician and 12-time Grammy winner John Legend launched an NFT music platform called OurSong in February 2022. Other popular musicians like Madonna, Eminem, and Justin Bieber own Bored Ape NFT. Additionally, we previously reported that American rappers Snoop Dog and Wiz Khalifa released ApeCoin-themed musical NFTs.