Binance Will Be The First Crypto Exchange To Sponsor The Grammys This Year 2022

The world’s largest cryptocurrency exchange Binance will be the Recording Academy’s first-ever official cryptocurrency partner for the 64th annual Grammy Awards, which begin this Monday at 10 a.m.

This year’s awards will be held at the MGM Grand Garden Arena in Las Vegas, rather than the usual locations in Los Angeles or New York. Trevor Noah of The Daily Show is hosting, while nominees Billie Eilish, Olivia Rodrigo, BTS, and Lil Nas X will perform. Other activities during “Grammy Week” are part of the collaboration, including the first Recording Academy Honors party the night before the awards show, where John Legend will be honoured with a global impact award.

Throughout the year, Binance will also collaborate with the Recording Academy to offer Web3 technology solutions and experiences to the organization’s members, events, and initiatives. The exchange said that more information about the partnership will be released at a later date.

Will Binance Launch Music NFTs?

NFTs are, of course, one potential area of collaboration. Although the phrase was not used in the release, Binance’s NFT marketplace is one of the largest and many in the crypto community believe music NFTs might be the next big thing. In addition, the academy’s co-president specifically noted “new monetisation avenues for our members” in the announcement.

 “As we continue to evolve the Recording Academy for a rapidly changing music industry and for the next generation of creators, we feel that it’s important to work with innovative partners to explore new monetisation avenues for our members and create new experiences for music fans,”

Recording Academy co-president Panos A. Panay

“As the leading player in the crypto and blockchain space and with its community-focused approach, Binance is the perfect partner for the Grammys and for our mission to empower music people around the world.”

Binance co-founder Yi He said in the announcement that the crypto exchange was “impressed by the Recording Academy’s ability to meet changing demands by its community, this is something we mutually share as a company that puts users and people first”.

“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.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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