Reports said that this year’s 64th Latin Grammy Awards will have its first-ever nonfungible token (NFT) collection after the Latin Recording Academy signed a three-year contract for award show-related NFTs.
It has been reported that the aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each collection, which will lead up to that year’s award show, will include drops highlighting Latin music.
Manuel Abud, the CEO of the Latin Recording Academy, said that this is a new form of musical innovation and a way for fans to “own a piece of the Latin GRAMMYs.”
“The Latin Recording Academy is committed to exploring innovative, new ways to celebrate excellence in Latin music and to connect music to other art forms in our culture, including visual and digital arts.”
However, the Latin Grammy Awards NFTs will drop throughout October in the lead-up to the award show on November 18. This comes after OneOf’s partnership with the Grammy Awards, in which it also planned a three-year NFT release plan. The first collection was released coinciding with the 64th Grammys, for which Binance was the official crypto exchange partner.
The report said that the Grammys is not the first major award show with Web3 integrations. Earlier this year, the MTV Video Music Awards announced its newest award category of “Best Metaverse Performance.” Additionally, music industry giants have been rapidly adopting Web3 technologies to upgrade their businesses. Sony Music filed a trademark application for NFT-authenticated music on August 30.
Thus, musicians have been utilizing the technology to release NFT singles or to improve music rights and licensing. NFTs officially became recognized as a chart-eligible format, with musicians such as Muse taking advantage of the development.