The Grammy Awards have introduced three annual series of non-fungible tokens, adding a crypto edge to the process (NFTs). Award winners and nominees in the music business will be the inspiration for these digital artifacts. The 64th, 65th, and 66th editions of the NFTs will be presented. For the past three years, the Grammys have worked with NFT platform OneOff to make NFT sales and purchases easier.
The Recording Academy, which is situated in California, confirmed the news on Twitter while announcing the terms of its new relationship with OneOff.
The NFT platform, which is based on the energy-efficient Tezos blockchain, connects music lovers with their favorite musicians.
NFT fans have expressed their delight in the comments section of the post.
“The NFTs will be distributed as souvenirs and experiences honouring the Grammy Awards, nominations, and winners, including tokens made by world-renowned crypto artists utilising the historic Grammy Award itself,” the Recording Academy said in a statement.
The Grammys have also stated that a percentage of the NFT revenues would be put in the Recording Academy’s scholarship fund, without providing any financial information.
“If exploited to their full potential, NFTs will empower the music business in a manner few other technologies have ever done,” OneOf’s founding members stated of its cooperation with the Grammys.
There have been no leaked images or teasers of the NFTs on social media as of yet.
Meanwhile, according to DappRadar, numerous additional businesses are joining the NFT industry after sales of these digital collectibles surpassed $10.7 billion (approximately Rs. 79,820 crore) earlier this month.
McDonald’s just unveiled a 10-piece limited edition NFT collection to commemorate the McRib sandwich’s 40th anniversary.