Cryptocurrency exchange giant Binance has been announced as the official crypto partner of the Recording Academy, the company which organizes the Grammy Awards.
Binance expands into the music industry
The Recording Academy has released an official list of its partners for the upcoming 2022 Grammy Awards. Binance, which is among the sponsors, said it is the “first crypto partner of the GRAMMY Awards”.
Also, the partnership will enable the exchange to “bring Web3 technology solutions” to the Royal Academy’s events. While there are no robust details concerning the deal, Binance suggested that the collaboration could go beyond the Grammy Awards.
According to a statement from Yi He, co-founder of Binance:
“Starting with the Grammys, we are 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.”
The sponsorship announcement comes days before the start of the 64th annual Grammys, which are due to be held April 3 at the MGM Grand Garden Arena in Las Vegas. Other 2022 Grammys partners include Mastercard, IBM, Hilton and FIJI Water.
Meanwhile, this is not the Recording Academy’s first foray into the crypto and blockchain sector. Back in November, the organization inked a three-year partnership deal with non-fungible token (NFT) marketplace, OneOf, which is also one of the sponsors of this year’s Grammys.
As part of the deal, OneOf will create NFTs on the Tezos blockchain to commemorate the 64th, 65th, and 66th Annual Grammy Awards.
The Increasing Synergy Between Crypto and Music
Apart from Binance, another cryptocurrency exchange that has partnered with a music-related company is FTX. As reported by CryptoPotato earlier in March, the exchange’s
affiliate FTX Europe collaborated with Belgian electronic dance music festival Tomorrowland, to introduce Web3 to fans.
Back in February, FTX US partnered with popular music festival Coachella to launch an NFT collection on the Solana blockchain.
There have been a growing number of musicians tapping into the NFT space. Popular musician and 12-time Grammy Award winner John Legend launched an NFT music platform in February 2022 called OurSong.
American rappers Snoop Dog and Wiz Khalifa also released a music track centered around Bored Ape Yacht Club (BAYC) and ApeCoin (APE). Other popular musicians like Madonna, Eminem, and Justin Bieber are owners of a Bored Ape NFT.
