Binance announces web3 partnership with Grammy organization

Binance announces web3 partnership with Grammy organization
  • The Grammy organization has partnered with Binance to explore the possibilities of using Web3 technology to power their content on Thursday.
  • Web3, a blockchain-based protocol for decentralized applications, is being used by the Grammy organization to explore how it can be used for content distribution.
  • It has become its first official crypto exchange partner. The Binance exchange is in partnership with Grammy, a global organization that manages and promotes music and music-related activities, including the Grammy Awards.

Outcome of this Partnership

  • The partnership will allow Binance to bring “web3 solutions” to the Recording Academy’s music community, a Binance spokesperson told The Block. They declined to comment on specific initiatives but said it wouldn’t involve NFTs, when asked.
  • Co-president of the Recording Academy Panos A. Panay, said in a statement that the organization will explore new monetization avenues for its members and create new experiences for music fans along with Binance.
  • Binance with Grammy organization will allow the organization to utilize blockchain and cryptocurrencies to “bring more transparency, more fairness and more equity to their processes,” according to the announcement.

Duration of this Deal

  • ‘The deal will be more than a year’ and further details will be announced later date as said by The Binance spokesperson.
  • As part of the deal, Binance will be the academy’s crypto exchange partner for the 64th Annual Grammy Awards and Grammy Week events, including the inaugural Recording Academy Honours celebration.
  • This is the Recording Academy’s second deal in the crypto space in recent months. In November, the organization partnered with NFT platform One Of two release NFTs on the Tezos blockchain for the 64th, 65th and 66th annual Grammy Awards.