Latin Grammy Awards signs three-year contract for award show NFTs

This year’s 64th Latin Grammy Awards will have its first-ever nonfungible token (NFT) collection after the Latin Recording Academy signed a three-year contract for award show-related NFTs.

The aforementioned partnership is between the Latin Recording Academy, which is behind the Latin Grammys, and OneOf, a Web3 music platform. Each collection, which will lead up to that year’s award show, will include drops highlighting Latin music.

According to Manuel Abud, the 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, new ways to celebrate excellence in Latin music and to connect music to other art forms in our culture, including visual and digital arts.”

The Latin Grammy Awards NFTs will drop throughout October in the lead-up to the award show on Nov. 18.

Related: Grammys 2022: NFTs hot topic of discussion among musicians and industry experts

This comes after OneOf’s partnership with the Grammy Awards, in which it also planned a three-year NFT release plan. The first collection was released coinciding with the 64th Grammys, for which Binance was the official crypto exchange partner.

The Grammys are not the first major award show with Web3 integrations. Earlier this year the MTV Video Music Awards announced its newest award category of “Best Metaverse Performance.”

Additionally, music industry giants have been rapidly adopting Web3 technologies to upgrade their businesses. Sony Music filed a trademark application for NFT-authenticated music on Aug. 30 of this year.

Musicians have been utilizing the technology to release NFT singles or to improve music rights and licensing. Moreover, NFTs officially became recognized as a chart-eligible format, with musicians such as Muse taking advantage of the development.