TL;DR Breakdown
- Binance becomes the official crypto exchange for the 64th Grammy Musical Awards.
- The crypto exchange is set to offer Web3 solutions to the Recording Academy’s music community.
- 64th annual Grammy Awards to feature blockchain technology.
In 2022, the music industry celebrates the 64th annual Grammy Awards ceremony held on April 3rd at the MGM Grand Garden Arena in Las Vegas, Nevada. The Recording Academy unveiled its official marketing partners for the 64th Annual Grammy Awards in preparation for the iconic event.
Binance partnership with the Recording Academy
The CBS Television Network will broadcast the 64th Annual Grammy Awards with returning host Trevor Noah. The Recording Academy is a well-known music recording company that organizes an annual red carpet event.
Binance, IBM, Mastercard, OneOf, Grey Goose, Bulova, Hilton Hotels & Resorts, SiriusXM PEOPLE FIJI Water Frontera Wines, and United are the sponsors of this year’s Grammy Awards. According to experts, the collaboration with Binance has the potential to impact worldwide crypto adoption.
Following the announcement, Binance said it has teamed up with the Recording Academy, which runs the Grammy Awards, to become the first official crypto exchange partner. Binance is a blockchain firm that operates the world’s largest cryptocurrency exchange. The collaboration will enable Binance to provide “web3 solutions” to the Recording Academy’s music community.
Moreover, the Recording Academy’s co-president, Panos A. Panay, stated that the organization would look at new revenue streams for its members and develop new experiences for music fans while not revealing specifics. Most importantly, the platform will be the Recording Academy’s crypto exchange partner for the 2022 Grammy Awards and Grammy Week events, including the debut of the Recording Academy Honours event.
Even though everything was made public, there are still hidden details. Binance has not addressed whether the collaboration would include the use of a cryptocurrency. However, crypto enthusiasts remain hopeful that the connection will contribute to the growing popularity of cryptocurrencies.
Web3 takes center stage at the Grammys
According to Binance co-founder Yi He, the new collaboration will enable the Recording Academy to meet the needs of its community by providing unique new experiences based on blockchain and “all of Web3 technology’s wonderful possibilities for entertainment.”
The size of the agreement was not revealed. The spokesperson of the exchanges, on the other hand, informed the crypto community that the collaboration would continue for more than a year. He also assured investors that additional information would be released later.
The Recording Academy’s collaboration with Binance is not the first time for the organizations to venture into decentralized finance and blockchain technology. In November 2021, the Recording Academy teamed up with OneOf, a non-fungible token (NFT) market run by record producer Quincy Jones, making a significant move into the business.
The collaboration aims to produce digital collectible NFT drops on the Tezos blockchain in celebration of the 64th, 65th, and 66th Grammy Awards as part of its exclusive arrangement. However, this is the exchange’s first time partnering with a music giant.
The collaboration also underlines Binance’s efforts to promote cryptocurrency adoption by working with major businesses. The cryptocurrency giant previously invested $200 million in Forbes, a more visible step. Moreover, it continues to pursue its goal of increasing consumers’ understanding of cryptocurrencies and blockchain technology.
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