This year, non-fungible tokens (NFTs) have taken the world by storm. The latest to enter this crypto frenzy is the Grammy Awards, run by the US-based Recording Academy to recognize achievement in the music industry.
The Recording Academy has partnered with the NFT OneOf platform to make it easier to sell and buy NFT. Digital collectibles will be inspired by music industry winners and nominees. These NFTs will mark the 64th, 65th and 66th editions of the awards.
An NFT is a digital asset that ties ownership to any physical or digital item, such as artwork, music, or video. NFTs can be considered modern collectibles.
Panos A. Panay, co-chairman of the Recording Academy, said in a statement: “As an Academy, we are always looking for ways to help artists discover new forms of creative expression, while creating new ways to generate revenue and ways for fans to interact with the artists they love.
More details about the NFT collection celebrating Grammy winners and nominees will be revealed in January 2022. The Recording Academy announced in a public statement that a portion of the proceeds from NFT sales will go to its scholarship fund.
“NFTs will be released as collectibles and experiences celebrating the Grammy Awards, nominees and recipients, including tokens designed by world-renowned crypto artists using the iconic Grammy Award itself,” said an official statement from the Recording Academy.
Lin Dai, Adam Fell and Joshua James, in a statement, stressed that NFTs will empower the music industry like few other technologies have ever done. Meanwhile, no previews or teasers of NFTs have surfaced on social media.