This year, non fungible tokens (NFTs) took the world by storm. The latest to enter this crypto frenzy is— the Grammy Awards, parented by US-based Recording Academy to recognize achievements in the music industry.
The Recording Academy has partnered with NFT platform OneOf, to facilitate the NFT sale and purchase. Digital collectibles will be inspired by award winners and nominees from the music industry. These NFTs will mark the 64th, 65th, and 66th editions of the awards.
An NFT is a digital asset that links ownership to any physical or digital items, such as works of art, music, or videos. NFTs can be considered modern-day collectibles.
Panos A. Panay, co-president 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 also creating new ways of income generation and ways for fans to interact with the artists that they love.”
More details on the NFT collection celebrating Grammy winners and nominees will be unveiled in January 2022. The Recording Academy in a public statement announced that a portion of the proceeds from the NFT sales will go to its scholarship fund.
“The NFTs will be released as collectibles and experiences celebrating the Grammy Awards, nominees and recipients, including tokens designed by world-famous crypto artists using the iconic Grammy Award itself,” an official statement from the Recording Academy said.
Lin Dai, Adam Fell, and Joshua James, in a statement, pointed out that NFTs will empower the music industry in a way few other technologies ever have. Meanwhile, no leaked glimpses or teasers of the NFTs have surfaced on social media.