This year’s 64th Latin Grammy Awards will feature their first-ever non-fungible token collection after the Latin Recording Academy signed a three-year contract for the show’s NFT-related awards.
The aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each set, which will lead up to that year’s awards show, will include Latin music highlight drops.
According to Manuel Abboud, CEO of the Latin Recording Academy, this is a new form of musical innovation and a way for fans to “own a piece of the Latin Grammys”:
“The Latin Recording Academy is committed to exploring innovative and new ways to celebrate excellence in Latin music and to connect music with other art forms in our culture, including the visual and digital arts.”
The Latin Grammy Awards NFT will be dropping throughout the month of October in the lead up to the awards show on November 18th.
Related: Grammys 2022: NFTs hot topic of discussion among musicians and industry pundits
This follows OneOf’s partnership with the Grammy Awards, which also has a three-year plan to launch the NFT. The first batch was released in conjunction with the 64 Grammys, of which Binance is the official cryptocurrency exchange partner.
The Grammys isn’t the first major award ceremony with Web3 integrations. Earlier this year, the MTV Video Music Awards announced their newest category, “Best Metaverse Performance.”
In addition, the music industry giants have been rapidly adopting Web3 technologies to upgrade their businesses. Sony Music filed a trademark application for NFT-certified music on August 30.
Musicians use the technology to release NFT singles or to improve music rights and licensing. Furthermore, NFTs are now officially recognized as a chart-eligible format, with musicians like Muse benefiting from the development.