The Recording Academy has revealed plans for NFTs (non-fungible tokens) to be made available to audiences to celebrate The Grammys over the next three years.
According to a press release, “The NFTs will be released as collectables and experiences celebrating the Grammy Awards, nominees and recipients, including tokens designed by world-famous crypto artists using the iconic Grammy Award itself. A portion of the proceeds of the NFTs will go to the Recording Academy’s scholarship fund.”
The first set of NFTs will be made available ahead of the 64th Grammys, scheduled to take place on January 31st, 2022, with similar drops set for the following two years. More details will be revealed in January.
The Grammys collaborated with OneOf, an NFT marketplace supported by Quincy Jones. It allows customers to purchase NFTs using regular currency as well as crypto.
“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,” explained Jones. “It excites me to know that OneOf is working to bring more money into the ecosystem.”
Panos A. Panay, co-president of the Recording Academy, discussed the thoughts behind the partnership: “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.”
“If used to their full potential, NFTs will empower the music industry in a way few other technologies ever have,” added Lin Dai, Adam Fell and Joshua James, co-founders of OneOf.
Jones took to his Instagram page earlier this year to announce his partnership with OneOf. He said: “I’m sure y’awl are sick & tired of hearing about NFTs by now because of the environmental impact, exclusive nature of pricing, or whatever else it is you’ve heard on Twitter.”
The iconic producer concluded: “But I’m excited to partner with a new platform that is the exact OPPOSITE of all the negative things you may have heard…”