• The cryptocurrency exchange Binance signed an agreement with the Recording Academy of the United States and became an official partner of the 64th annual Grammy Awards.
  • The collaboration will find new monetization opportunities for artists and provide a fresh experience for music lovers.

Cryptocurrency exchange Binance became a partner of the 64th GRAMMY Awards, which will provide Web3 solutions in the organization of events throughout the year.

Partnership details

According to Recording Academy President Panos Panay, the goal of the collaboration is to explore new monetization opportunities for artists as well as provide new experiences for music lovers:

As the leading player in the crypto and blockchain space and with its community-focused approach, Binance is the perfect partner for the GRAMMYs and for our mission to empower music people around the world.

Binance co-founder Yee He said the collaboration with the award will bring blockchain and Web3 technology expertise to the entertainment industry. She said:

Starting with the Grammys, we are excited to work together with the Recording Academy to bring fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment.

The sponsorship announcement comes just days before the 64th annual Grammy Awards, scheduled for April 3 at the MGM Grand Garden Arena in Las Vegas. Other Grammy 2022 partners are Mastercard, IBM, Hilton, and FIJI Water. The show will be broadcast live by CBS and Paramount+.

Binance previously held a free NFT token giveaway that attracted stars such as basketball player Jimmy Butler, businessman Jay Butlin, and MMA fighter Valentina Shevchenko.

Cryptosphere and music unite

A collaboration between Binance and Grammy can bring a lot of benefits to both worlds: cryptocurrency and music, but this is not the first time that these areas meet for cooperation.

In addition to Binance, the cryptocurrency exchange FTX Europe cooperated with Tomorrowland. It is a Belgian electronic dance music festival held in Boom, Flanders, Belgium since 2005. Also, FTX US launched the NFT collection on Solana blockchain in partnership with Coachella music festival.

Blockchain platform Algorand sponsored the Ultra Miami music festival, one of the largest EDM music festivals held last weekend.

A growing number of musicians have been exploring the NFT space lately. Popular musician and 12-time Grammy Award winner John Legend launched an NFT music platform called OurSong in February 2022. Other popular musicians like Madonna, Eminem, and Justin Bieber are owners of a Bored Ape NFT.

Read more: Latest in NFTs: Rapper Eminem and model Emily Ratajkowski join the party

Furthermore, we previously reported that American rappers Snoop Dog and Wiz Khalifa launched ApeCoin themed music NFTs.