The Recording Academy, a serious music recording firm well-known for its annual music awards Grammy Awards, has inked a partnership with Binance, the world’s largest crypto trade by buying and selling volumes.
In keeping with a joint announcement on Thursday, Binance turned the first-ever official crypto trade associate of the sixty fourth Annual Grammy Awards and Grammy Week occasions to deliver varied Web3 know-how options and experiences to the group’s occasions and initiatives.
The partnership was introduced only a few 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 recent monetization avenues for the Recording Academy and the creation of recent experiences for music followers.
“Because the main participant within the crypto and blockchain house and with its community-focused strategy, Binance is the right associate for the GRAMMYs and for our mission to empower music individuals world wide,” Panay added.
In keeping with Binance co-founder Yi He, the brand new partnership will allow the Recording Academy to satisfy the altering calls for of its group by offering contemporary new experiences based mostly on blockchain and “all the good issues Web3 know-how 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 numerous potentialities,” the consultant stated.
The partnership with Binance shouldn’t be the Recording Academy’s first foray into the intersection of music and blockchain. The Recording Academy made a serious transfer into the trade in November 2021, getting into a partnership with OneOf, a nonfungible token (NFT) market backed by file producer Quincy Jones. The unique partnership goals to concern 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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Alternatively, that is the primary time that Binance has partnered with a music group, a spokesperson for Binance advised Cointelegraph. The cryptocurrency trade has nonetheless been working actively with artists and musicians via 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 trade was planning to determine 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.