Binance to sponsor Grammy's, becomes Recording Academy's first every crypto partner

Binance- the world's largest crypto exchange, on Thursday, announced its partnership with Recording Academy to sponsor the 64 Annual Grammy Awards and Grammy Week events. At the events, the partnership aims to highlight the emerging Web3 technology solutions.

Binance Co-Founder Yi He said, "We were impressed by the Recording Academy’s ability to meet changing demands by its community—this is something we mutually share as a company that puts users and people first. 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 partnership was announced a couple of days before the 64th Grammy Awards. The 64 Grammy Awards will be held at the MGM Grand Garden Arena, in Las Vegas on April 3.

• Panos A. Panay co-president of Recording Academy said, "As we continue to evolve the Recording Academy for a rapidly changing music industry and for the next generation of creators, we feel that it’s important to work with innovative partners to explore new monetisation avenues for our members and create new experiences for music fans."

• As per claims by the company, Binance is the first-ever official crypto exchange partner of the 64th Annual Grammy Awards. In 2021, The Recording Academy teamed up with OneOf, a nonfungible token (NFT) marketplace, with the goal of releasing NFT drops on the Tezos blockchain to honour the 64th, 65th, and 66th Grammy Awards.

• Earlier, in the year 2021, Binance had launched non-fungible tokens (NFTs) marketplace to collaborate with artists and music labels. Many popular music labels and organisations including BTS, Warner Music Group are partnering with crypto exchanges, to sell non-fungible tokens.

• Artists including Lupe Fiasco, Gramatik, and Pitbull have advocated for decentralised technologies in music, as blockchain's distributed ledger technology could help release music, streamline royalty payments, eliminate expensive middlemen, and is convenient for music creators.