TL;DR Breakdown
- Binance becomes the official crypto exchange for the 64th Grammy Awards.
- Cryptocurrency exchange offers Web3 solutions to the Recording Academy music community.
- The 64th Annual Grammy Awards will focus on blockchain technology.
In 2022, the music industry is celebrating the 64th Annual Grammy Awards on April 3rd at the MGM Grand Garden in Las Vegas, Nevada. The Recording Academy has unveiled its official marketing partners for the 64th Annual Grammy Awards in preparation for the iconic event.
Binance Partners with Recording Academy
The CBS Television Network will broadcast the 64th Annual Grammy Awards with returning host Trevor Noah. The Recording Academy is a well-known record company that organizes an annual red carpet.
Binance , IBM, Mastercard, OneOf, Gray Goose, Bulova, Hilton Hotels & Resorts, SiriusXM PEOPLE FIJI Water Frontera Wines, and United are sponsors of this year’s Grammy Awards. According to experts, cooperation with Binance can affect the spread of cryptocurrency around the world.
Following the announcement , Binance said it had teamed up with the Recording Academy, which hosts the Grammy Awards, to become the first official cryptocurrency exchange partner. Binance is a blockchain company that operates the largest cryptocurrency exchange in the world. The collaboration will enable Binance to provide “web3 solutions” to the Recording Academy’s music community.
Moreover, Recording Academy co-president Panos A. Panay stated that the organization will consider new sources of income for its members and develop new opportunities for music lovers, without disclosing details. Most importantly, the platform will partner with the Recording Academy to exchange cryptocurrencies at the 2022 Grammy Awards and Grammy Week events, including the Recording Academy Honors debut event.
Even though everything has been made public, there are still hidden details. Binance did not specify whether the collaboration would involve the use of cryptocurrencies. However, crypto enthusiasts remain hopeful that this connection will boost the popularity of cryptocurrencies.
Web3 in the spotlight at the Grammys
According to Binance co-founder Yi He, the new collaboration will enable the Recording Academy to meet the needs of its community by delivering unique new experiences based on blockchain and “all the great features of Web3 technology for entertainment.”
The size of the agreement was not disclosed. On the other hand, a representative of the exchanges told the crypto community that the cooperation will last more than a year. He also assured investors that more information would be released at a later date.
The Recording Academy’s collaboration with Binance is not the first time organizations have been involved in decentralized finance and blockchain technology. In November 2021, The Recording Academy merged with OneOf, a non-fungible token (NFT) marketplace run by record producer Quincy Jones, in a significant business move.
The collaboration aims to create digital collectible NFT drops on the Tezos blockchain in celebration of the 64th, 65th and 66th Grammy Awards under an exclusive arrangement. However, this is the first time the exchange has partnered with a music giant.
The collaboration also highlights Binance’s efforts to promote cryptocurrency adoption by working with large companies. The crypto giant had previously invested $200 million in Forbes in a more visible move. Moreover, it continues to pursue its goal of improving consumer understanding of cryptocurrencies and blockchain technology.
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