Leading American crypto exchange Binance has announced a Web3 partnership with the Recording Academy, the organization behind the Grammy Awards. The partnership, which credits Binance as the Recording Academy’s first official crypto exchange partner, will facilitate Web3 solutions from the crypto exchange.
The general music community of the Grammy organization will benefit directly from the Web3 solutions. A Binance spokesperson confirmed the initiative, and specified that it would not involve non-fungible tokens (NFTs). However, the spokesperson declined to provide any further information on the collaboration.
Co-president of the Recording Academy, Panos A. Panay, issued a statement which covered a little ground on the deal’s nitty-gritty. According to the Recording Academy exec, the organization seeks to explore new monetization avenues for its members with the Binance collaboration. In addition, Panay also hinted that there will also be new experiences for music fans.
Brand visibility is one of the perks Binance can derive from this deal. Binance will get bragging rights as the academy’s crypto exchange partner for several important upcoming events. These include the 64th Annual Grammy Awards and Grammy Week events such as the inaugural Recording Academy Honors celebration.
The Binance initiative marks the Recording Academy’s second deal in the crypto space in a relatively short time. Back in November last year, the company partnered with NFT platform OneOf to release NFTs on the Tezos blockchain. The digital assets were to commemorate the 64th, 65th and 66th annual Grammy Awards.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
