The Recording Academy has revealed plans for NFTs to be made available to commemorate the next three years of The Grammys.
According to a press release, “the NFTs will be released as collectibles 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 drop will take place ahead of the 64th Grammy Awards, set to take place on January 31, 2022 with similar releases planned for 2023 and 2024. Details on the NFT collections will be revealed in early January 2022.
— Recording Academy / GRAMMYs (@RecordingAcad) November 1, 2021
To create the NFTs, the Grammys has teamed up with OneOf, an NFT marketplace backed by iconic producer Quincy Jones. The platform allows people to purchase NFTs using crypto as well as credit or debit cards.
“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,” said Jones. “It excites me to know that OneOf is working to bring more money into the ecosystem.”
“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,” said Panos A. Panay, co-president of the Recording Academy.
“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.
Announcing his partnership with OneOf earlier this year, Jones 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.
“But I’m excited to partner with a new platform that is the exact OPPOSITE of all the negative things you may have heard…”