Grammys Partner with NFT Platform, to Release Crypto Assets to Honour Music Artists

Hopping on to the NFT (non-fungible token) wave, the Recording Academy, which presents the Grammy Awards, has launched its plan of commemorating the upcoming awards with some digitised artwork. In a press release shared on Monday, the Recording Academy shared that it has collaborated with OneOf, the NFT marketplace created for music and backed by 28-time Grammy Award winner Quincy Jones. Through this collaboration, the Recording Academy will release NFTs that will commemorate the 64th, 65th and 66th Grammy Awards.

The NFTs will be released as collectibles and experiences commemorating the Grammy Awards. The NFTs will also be inspired by the nominees and award recipients. The tokens will be designed by renowned crypto artists using the Grammy Award itself. Considering how NFTs have been raking in huge sums of money this year, Grammys have announced that a portion of the proceeds of the NFTs will go to the Recording Academy’s scholarship fund.

Panos A. Panay, Co-President of the Recording Academy, said they are always on the lookout for ways to support artists, discover new forms of creative expression, as they create new ways of income generation and ways for fans to interact with the artists. Speaking about the upcoming venture, American record producer Jones said that he has been advocating for artists throughout his career and any technology that serves to help musicians make a living is something he would fully stand behind. He added that it excites him to know that his NFT marketplace is working to bring more money into the ecosystem, and simultaneously, he has been with the Recording Academy since its inception.

Jones had launched his eco-friendly NFT marketplace in August this year and the debut artist collection featured an NFT from singer Doja Cat. The auction of her NFT sold for $188,000 (Rs1,40,11,170) making it the single largest auction transaction on Tezos, the blockchain protocol on which OneOf is built.

Recording Academy will reveal the details about the NFT collections in early January 2022 ahead of the next year’s Grammy Awards show which will take place on January 31.

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