The Latin Recording Academy negotiated a three-year deal for award show-related non-fungible tokens (NFTs) and will showcase its first-ever NFT collection at this year’s 64th Latin Grammy Awards.
Drops featuring Latin music will be included in each collection, which will precede the awards show for that year.
This is a fresh musical innovation, says Manuel Abud, CEO of the Latin Recording Academy, and a chance for fans to “own a piece of the Latin GRAMMYs:”
In the months preceding to the award ceremony on November 18, the Latin Grammy Awards NFTs will be revealed.
You should know that the first NFT collection was released coinciding with the 64th Grammys, for which Binance was the official partner.
The Grammys are not the first major award event to enter Web3 space. The MTV Video Music Awards introduced “Best Metaverse Performance” as the newest award category earlier this year.
Giants in the music business have also been quickly updating their operations by adopting Web3 technologies. On August 30 of this year, Sony Music submitted a trademark application for music that has NFT authorization.