This year’s 64th Latin Grammy Awards will have its first-ever nonfungible token collection after the Latin Recording Academy signed a three-year contract for award show-related NFTs.
The aforementioned relationship is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Drops highlighting Latin music will be included in each collection, which will precede the award ceremony for that year.
This is a fresh musical innovation, says Manuel Abud, CEO of the Latin Recording Academy, and a way for fans to “own a piece of the Latin GRAMMYs”:
The Latin Recording Academy is dedicated to finding fresh, cutting-edge approaches to recognizing excellence in Latin music and tying it into other aspects of our culture, such as the visual and digital arts.
In the months leading up to the award ceremony on November 18, the Latin Grammy Awards NFTs will be released.
The Grammy Awards partnership, in which OneOf also planned a three-year NFT release schedule, came before this. The launch of the first collection coincided with the 64th Grammy Awards, for which Binance served as the official cryptocurrency partner.
The Grammys are not the first significant award show to incorporate Web3. The MTV Video Music Awards introduced their newest award category, “Best Metaverse Performance,” earlier this year.
Giants in the music business have also been quickly modernizing their operations by implementing Web3 technologies. On August 30, Sony Music submitted a trademark application for music that has NFT authentication.
