The collaboration will enable artists to find new monetization opportunities while also providing a new experience for music fans.
Binance, a cryptocurrency exchange, has become a partner of the 64th GRAMMY Awards ceremony, and will provide Web3 solutions when organising events throughout the year, according to a Binance representative.
According to Panos A. Panay, President of the Academy of Sound Recording, the collaboration’s goal is to explore new monetization opportunities for artists as well as to provide new experiences for music fans.
As a result, Binance co-founder Yi He stated that the award’s collaboration will bring experience with blockchain and Web3 technologies to the entertainment industry. The agreement’s specifics will be revealed later.
“The Grammy Awards will mark the start of our collaboration with the Recording Academy, bringing a new experience of using blockchain and all the wonderful features of Web3 technology to the entertainment industry,” Yi He said.
The 64th Grammy Awards will be held on April 3, 2022, in Las Vegas, and will be broadcast live on CBS and Paramount+.