Big news just hit the tape today from one of the most recognized names in entertainment that’s going to Web3. That’s right, the GRAMMYs will launch its own NFT marketplace. Here’s what’s happening:
The GRAMMYs and NFTs
According to the press release, The Recording Academy and OneOf have teamed up to create a green NFT marketplace that’s built for music. The marketplace is backed by 28-time GRAMMY Award Winner Quincy Jones.
The team formed an exclusive partnership to release NFTs that will commemorate the 64th, 65th, and 66th GRAMMY Awards.
In the release, there weren’t many details of the collection given. All we know so far is that the details will be revealed in early January 2022 ahead of the 2022 GRAMMYs Award Show, formally known as the 64th GRAMMY Awards. The show will be taking place on January 31, 2022.
According to the announcement, all art included in the NFTs will be designed by world-famous crypto artists and use the iconic GRAMMY Award itself. Moreover, the collectibles are expected to celebrate the GRAMMYs themselves, nominees, and recipients.
As we’ve seen with most major brands that launch NFTs, this collection will help to raise money for charity. In fact, with the announcement, the team said a portion of the proceeds from sales of the NFTs will go to the Recording Academy’s scholarship fund, helping to mold the next generation for success.
What is OneOf?
OneOf is an NFT platform that was designed specifically for the music industry. The goal of the company was to create an environmentally sustainable, artist-and-fan-friendly experience. The platform is built on the Tezos blockchain protocol.
Moreover, minting an NFT on the platform uses 2 million times less energy than other proof-of-work networks, and for artists and creator partners, minting comes with no blockchain transaction fees.
Moreover, OneOf is dedicated to charitable causes, offering artists using their platform the option to donate portions of the NFT proceeds to charities of their choice. The platform also makes it possible for fans to pay with credit and debit cards as well as cryptocurrencies, ultimately expanding its audience.
In a statement, Panos A. Panay, Co-President of the Recording Academy, had the following to offer:
In considering a NFT partner, we were committed to working with a like-minded organization that had an artist-first approach and we have undoubtedly found that in OneOf. 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. OneOf shares that vision, and we are proud to work with a sustainable NFT company.
The above statement was followed up by Lin Dai, Adam Fell, and Joshua James, co-founders of OneOf. Here’s what they had to say:
For 63 years, the GRAMMYs and the Recording Academy have been the premier representation, celebration and advocacy partner for the artists, songwriters and professionals who create the music we love. If used to their full potential, NFTs will empower the music industry in a way few other technologies ever have. It is our great honor to work with this prestigious organization to help shepherd this bright future to the industry.
Finally, Quincy Jones summed up the commentary with the following:
I’ve been advocating for artists my entire career, so any technology that serves to help musicians make a living is something I fully stand behind. it excites me to know that OneOf is working to bring more money into the ecosystem, and simultaneously, I’ve been with the GRAMMYs/the Recording Academy since its inception. So, it makes my soul smile to see OneOf partnering with this wonderful organization, and I look forward to seeing the good they will do for artists.
The Bottom Line
The bottom line here is that NFTs are quickly sweeping the entertainment industry and as adoption continues to expand, more and more big names are going to get into the space. With the GRAMMYs now diving into NFTs, these digital collectibles are becoming harder and harder to ignore.