Binance, a cryptocurrency exchange company, has been named the Recording Academy’s official cryptocurrency partner. This is the company that organizes the Grammy Awards.
Binance expands into the music industry
The Recording Academy has released a list of its official partners for the 2022 Grammy Awards. Binance is one of the sponsors. It is also the “first crypto partner for the GRAMMY Awards.”
The partnership will also allow the exchange to bring Web3 technology solutions to Royal Academy events. Binance suggested that the partnership could extend beyond the Grammy Awards, although there aren’t any concrete details.
Yi He, cofounder of Binance, has released the following statement:
“We are thrilled to start with the Grammys and work with the Recording Academy in order to bring new experiences powered with blockchain and all that Web3 technology has to offer entertainment.
This sponsorship announcement is made just days before the start of the 64th Annual Grammys in Las Vegas. Mastercard, IBM and Hilton are also partners in the 2022 Grammys.
This isn’t the Recording Academy’s first venture into crypto and blockchain. The Recording Academy signed a three year partnership agreement with OneOf, a non-fungible token (NFT), marketplace. This is also the sponsor of this year’s Grammys.
OneOf will also create NFTs on Tezos’ blockchain as part of the agreement to honor the 64th, 65th and 66th Grammy Awards.
The increasing synergy between music and crypto
FTX is another cryptocurrency exchange to have partnered with a music-related business, along Binance. CryptoPotato reported that the exchange has partnered with a music-related company earlier this March.
affiliate FTX Europe teamed up with Tomorrowland in Belgium to bring Web3 to their fans.
FTX US partnered up with Coachella in February to launch an NFT collection using the Solana blockchain.
An increasing number of musicians have begun to tap into NFT. John Legend, a popular musician who has won 12 Grammy Awards, launched OurSong in February 2022 as a music NFT platform.
American rappers Snoop Dog (BAYC), and Wiz Khalifa (APE) released music tracks that were centered on Bored Ape Yacht Club and ApeCoin. Bored Ape NFTs are also owned by other popular artists like Madonna and Eminem.
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