The Recording Academy has partnered with OneOf, a green marketplace for NFTs, to release Non-Fungible Tokens as collectibles commemorating the 64th, 65th, and 66th Grammy Awards. OneOf, developed on the Tezos blockchain, is a NFT platform that is designed particularly for the music community to develop a fan-friendly and artist-friendly experience.
More details about the NFT collections will be disclosed before the 64th Annual Grammy Awards that is scheduled to happen on January 31, 2022. However, these collectibles will celebrate Grammy Awards, recipients as well as nominees. A part of the NFT proceeds will be sent to the scholarship funds of the Recording Academy. one of also facilitates fans to pay with debit cards, credit cards, and cryptocurrencies.
Lin Dai, Joshua James, and Adam Fell, the co-founders of OneOf, opined that NFTs can empower the music industry if used to their fullest potential.
OneOf has hosted earlier token drops from The Game, Doja Cat, Alesso, and iHeartRadio Music Festival. G-Eazy, TLC, and Whitney Houston have signed agreements for future drops with the firm as well. The company raised 63 million dollars before launching.
The Recording Academy’s co-president Panos Panay said that the academy had always been searching for ways to assist artists find new kinds of creative expression. At the same time, they are looking forward to creating new sources of generating income and new ways to enable fan interaction with their favorite artists. This is where the vision of the Recording Academy and OneOf matches.
This partnership is expected to be a huge success. We’ll have to wait to see how it actually works out.