64th Grammy Awards Latin Will Have First NFT Collection

The 64th Grammy Awards Latin is a collection of NFTs. (photo: twitter @LatinGRAMMYs)

JAKARTA The use of non-fungible tokens in the music world is increasingly widespread. A number of musicians and even music institutions are now side by side managing NFT.

This year's 64th Latin Grammy Awards will have the first collection of nonfungible tokens after the Latin Recording Academy signed a three-year contract for NFT over the award ceremony.

The partnership mentioned above is between the Latin Recording Academy, which is behind Latin Grammys, and OneOf, Web3 music platforms. Each collection, which will lead to that year's award event, will include droplets highlighting Latin music.

According to Manuel Abud, CEO of the Latin Recording Academy, this is a new form of music innovation and a way for fans to "have a Latin piece of GRAMMY":

The Latin Recording pandemic is committed to exploring innovative new ways to celebrate the advantages in Latin music and to link music to other forms of art in our culture, including visual and digital art, Abud said as quoted by Cointelegraph.

The NFT Latin Grammy Awards will drop throughout October ahead of the award ceremony on November 18.

This comes after OneOf's partnership with the Grammy Awards, where they also plan a three-year NFT release plan. The first collection was released to coincide with the 64th Grammys, where Binance is the official crypto exchange partner of the show.

Grammys is not the first major award event with Web3 integration. Earlier this year, the MTV Video Music Awards also announced its latest award category Best Metaverse Performance.

In addition, the music industry giant has also quickly adopted Web3 technology to improve their business. Sony Music filed a trademark application for NFT-enacted music on August 30.

Musicians have also taken advantage of technology to release single NFTs or to improve music rights and licenses. In addition, NFT is officially recognized as a qualifying format for the charts, as musicians like muse take advantage of the development.