Binance is the biggest Crypto currency exchange on the planet today. The firm has gone head and signed a partnership agreement with the Recording Academy (a music recording firm) to sponsor the 64 Annual Grammy Awards ( Which includes the Grammy Week events & Recording Academy Honors celebration)
This partnerships main goal is aimed at exposing the new Web3 technology to this sector and all of its events and projects.
BINANCE Logo Visible At The Grammy
Binance was one of the two crypto firms to serve as main sponsors during The Grammys this year. OneOf, was the other crypto firm to sponsor the Grammy this year. For those who don't know: OneOf is one of the big NFT platform that works closely with celebrities like G-Eazy.
Lin Dai, CEO and co-founder of OneOf, told Media that he was excited to see tier-one companies in the blockchain space bringing crypto and NFTs to The Grammys:
“The Recording Academy is the most important institution for the music industry and we know they are very selective when deciding which companies to align their brand with. We are excited that more and more crypto and blockchain companies are getting involved with the biggest tent pole events in music, sports and lifestyle and we expect the trend to continue.”
During the evening a Binance spokesperson commented that Binance wanted to have brand visibility through its recent partnership with the Recording Academy.
“We are exploring various avenues in which we can bring Web3 technology to the music community,”
The spokesperson also mentioned that Binance will be educating the Recording Academy’s members on cryptocurrency and how blockchain can help make their business more “forward thinking” & “financially secure”
"As the official crypto exchange partner of the GRAMMY Awards, Binance will continue to work with the Recording Academy throughout the year to bring various Web3 technology solutions and experiences to the organization"
With regards to “forward thinking” & “financially secure” – blockchain technology certainly seems to be working out for the music entertainment industry.
For example: MGM Resorts (same venue were the Grammys were hosted) recently announced a partnership with YellowHeart to issue NFT tickets for its newest production, “Timeless.” this will be Las Vegas’ first NFT ticketed performance.
Andrew Machado, who is the senior vice president of digital design and business adjacencies at MGM, said that NFTs for ticketing could certainly provide value for guests.
“They turn something as mundane as a concert ticket into a living breathing digital object that can change with each situation such as entering the venue for a show or after the show as a collectible.”
However…In terms of issuing NFT tickets for a major event like The Grammys, Machado is not sure how worthy it will be on the long run.
“MGM Resorts sits at the intersection of entertainment and gaming and we believe NFTs can play a part there, but time will tell on consumer adoption.”
After this particular act by Binance & OneOf ….Other Crypto companies have issued a positive statements, saying that this act will further expose innovate & educate the world about Digital currencies”