The Latin Recording Academy announced a deal contract for award show-related NFTs, so this year's 64th will include the first-ever nonfungible token collection.
The previously mentioned collaboration is between the Latin Recording Academy, which is responsible for the platform, and OneOf, a Web3 music platform. Each collection would include drops showcasing Latin music in the run-up to that year's award show.
This is a new form of musical innovation, according to Manuel Abud, CEO of the Latin Recording Academy, and a way for fans to "own a piece of the Latin GRAMMYs." NFTs will be released throughout October in anticipation of the award show on November 18.
This follows OneOf's collaboration with the Grammy Awards, which included a three-year NFT release plan. The first collection was published in conjunction with the 64th Grammy Awards, for which Binance served as the official cryptocurrency exchange partner.
The Grammys aren't the first major award show to incorporate Web3 technology. The MTV Video Music Awards revealed its newest award category, "Best Metaverse Performance," earlier this year. Furthermore, music industry titans quickly embrace Web3 technologies to improve their businesses. On August 30, Sony Music filed a trademark registration for NFT-authenticated music.
Musicians have used technology to release non-traditional new tracks or to optimize music rights and licenses. Furthermore, NFTs were formally acknowledged as a chart-eligible format, with performers such as Muse benefiting from the development.
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