The Recording Academy, a significant music recording firm well-known for its annual music awards Grammy Awards, has inked a partnership with Binance, the world’s largest crypto change by buying and selling volumes.
Based on a joint announcement on Thursday, Binance turned the first-ever official crypto change accomplice of the sixty fourth Annual Grammy Awards and Grammy Week occasions to deliver varied Web3 expertise options and experiences to the group’s occasions and tasks.
The partnership was introduced just some days earlier than the sixty fourth Grammy Awards ceremony, which can happen on April 3 on the MGM Grand Backyard Enviornment in Las Vegas.
Recording Academy co-president Panos Panay specified that the settlement envisions the event of latest monetization avenues for the Recording Academy and the creation of latest experiences for music followers.
“Because the main participant within the crypto and blockchain area and with its community-focused method, Binance is the proper accomplice for the GRAMMYs and for our mission to empower music individuals all over the world,” Panay added.
Based on Binance co-founder Yi He, the brand new partnership will allow the Recording Academy to fulfill the altering calls for of its neighborhood by offering contemporary new experiences primarily based on blockchain and “all the good issues Web3 expertise can deliver to leisure.”
A spokesperson for Binance declined to inform Cointelegraph whether or not the partnership would contain utilizing acryptocurrency, noting that the events are planning to reveal extra particulars at a later date. “We’re at the moment discussing and exploring plenty of prospects,” the consultant mentioned.
The partnership with Binance is just not the Recording Academy’s first foray into the intersection of music and blockchain. The Recording Academy made a significant transfer into the business in November 2021, getting into a partnership with OneOf, a nonfungible token (NFT) market backed by document producer Quincy Jones. The unique partnership goals to challenge digital collectible NFT drops on the Tezos blockchain to commemorate the sixty fourth, sixty fifth and 66th Grammy Awards.
The #GRAMMYs are coming to Tezos!
NFT platform @OneOfNFT, constructed on @Tezos, is getting into the first-of-its-kind partnership with @RecordingAcad to create digital collectible #NFTs to commemorate the sixty fourth, sixty fifth, and 66th GRAMMY Awards.#Tezos #CleanNFThttps://t.co/boPNYAT9Q0
— Tezos (@tezos) December 9, 2021
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However, that is the primary time that Binance has partnered with a music group, a spokesperson for Binance advised Cointelegraph. The cryptocurrency change has nonetheless been working actively with artists and musicians by its Binance NFT market launched final 12 months.
The partnership additional reinforces Binance’s dedication to work with mainstream firms to spice up cryptocurrency adoption.
In early March, Binance CEO Changpeng Zhao introduced that the change was planning to establish and invest in one or two targets in every economic sector and try to bring them into crypto. The cryptocurrency giant previously invested $200 million in Forbes magazine on its mission to improve consumer understanding of cryptocurrencies and blockchain.