The announcement of a new relationship between OneOf and the Recording Academy will take place during the Grammy Awards ceremony. For the foreseeable future, the Grammy Awards broadcasts will be accompanied by limited edition NFT recordings. In an unsigned statement posted on the Grammy Awards website, the Recording Academy and OneOf, a green non fungible token (NFT) marketplace sponsored by famed music producer Quincy Jones, announced an exclusive agreement. The cooperation will be focused on the Grammy Award competition for the following three years, starting in 2022.
The Academy aims to generate more revenue for artistes
While the specifics of the NFT collections will be revealed in January 2022, it is anticipated that they will recognize both the awards and the people who were nominated for and earned those accolades. A portion of the proceeds from the sale will be used to establish a scholarship fund for future members of the Recording Academy, with the remainder going to charity. A blockchain-based music platform based on the Tezos cryptocurrency was created with the purpose of serving musicians, musicians’ fans, and music fans in general. ”
According to Panis Pany, president of the Recording Academy: While aiding artists in exploring new avenues of creative expression, the Academy is always looking for new revenue-generating opportunities and new ways for fans to interact with their favorite artists. Therefore, we are thrilled to be partnering with Oneof, which has been an NFT company for a long time now.
Oneof co-founders express delight over the deal
Three of OneOf’s co-founders, Adam Fell, Joshua James, and Lin Dai, have expressed their delight at the acquisition announcement. “NFTs have the potential to totally transform the music business in ways that no other technology has been able to do yet,” says the researcher. Our association with such a distinguished institution brings us tremendous pleasure, and we hope that we can make a positive contribution to steering the industry toward a successful future.”
Artistes involvement with Oneof
OneOf was formally introduced in August of this year. Artists like Doja Cat, The Game, iHeartRadio Music Festival, and Alesso have used the platform to drop tokens in the form of merchandise. Several singers, including Whitney Houston, TLC, and G-Eazy, have signed agreements with the corporation to release new albums in the near future. The company received $63 million in venture capital investment in the year before it went public on the stock market.
Academy awards scholarship program
According to Billboard magazine, the Recording Academy and NFT platform OneOf have chosen to collaborate on distributing NFT honors for the next three Grammy Awards. In January 2022, a great deal more information about the collection, which includes digital artifacts and experiences focused around the Grammy Awards, will be unveiled. According to the Recording Academy, a percentage of the proceeds from the NFT sales will support the Academy’s scholarship program.