NFTs have been used by musicians to release NFT singles or to improve music rights and licensing. Moreover, NFTs have been officially recognised as a chart-eligible format, with artists such as Muse taking advantage of it.
The Latin Recording Academy has signed a three-year contract for nonfungible tokens for this year’s 64th Latin Grammy Awards. This will be the first NFT collection for the ceremony.
The Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform, are partnering to create a collection of songs that will culminate in that year’s award ceremony. Each collection, which will lead up to the Grammys, will highlight Latin music.
According to Manuel Abud, CEO of the Latin Recording Academy, this is 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 innovative, new ways to celebrate excellence in Latin music and to connect music to other art forms in our culture, including visual and digital arts.”
The Latin Grammys NFTs are scheduled to be released throughout October before the ceremony on November 18.
Musicians and industry experts are discussing NFTs as a hot topic at the Grammys 2022, according to experts.
Binance was the official crypto exchange partner for the 64th Grammy Awards, and this is after OneOf partnered with the awards show. The first item in the collection was released the same day as the awards show, and it was created in partnership with the awards show.
MTV’s Video Music Awards introduced “Best Metaverse Performance” this year, preceding the Grammys.
Music industry giants have rapidly adopted Web3 technologies to upgrade the business. Sony Music filed a trademark application for NFT-authenticated music on Aug. 30 of this year.
NFTs have been used by musicians to release NFT singles or to enhance music rights and licensing. In addition, NFTs have been officially recognised as a chart-eligible format, thanks to the innovation.
