The 64th Latin Grammys will have its first collection of non-fungible tokens (NFTs) after the Latin Recording Academy signed a three-year contract for awards-related NFTs.
The aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each collection, which will precede that year’s awards show, will include “drops” that highlight Latin music.
According to Manuel Abud, CEO of the Latin Recording Academy, it’s about a new form of musical innovation and a way for fans to “own a piece of the Latin GRAMMYs.”
“The Latin Recording Academy is committed to exploring new and innovative ways to celebrate excellence in Latin music and to connect music with other art forms in our culture, including visual and digital arts.”
The Latin Grammy NFTs will be released throughout the month of October, on the eve of the awards show on November 18.
This comes after OneOf’s association with the Grammy Awards, in which it also planned a three-year NFT release plan. The first collection was launched to coincide with the 64th Annual Grammys, for which Binance was the official partner of the cryptocurrency exchange.
The Grammys aren’t the first major award show with Web3 integrations. Earlier this year, the MTV Video Music Awards announced its new award category: “Best Metaverse Performance.”
In addition, the giants of the music industry have quickly adopted Web3 technologies to improve their business. Sony Music filed a trademark application for NFT-authenticated music on August 30 this year.
Musicians have been using the technology to release NFT singles or to improve music rights and licensing. Also, NFTs have been officially recognized as a chart-friendly format, and musicians like Muse have capitalized on this development.
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