Binance, the biggest crypto exchange by trading volume, is sponsoring the 2022 Grammy Awards to be held on April 3.
Binance has become the official sponsor of the 64th Annual GRAMMY Awards® and GRAMMY® Week events, including the inaugural Recording Academy Honors celebration to be held on April 3.
The partnership was announced on their official website on Thursday, making the company Grammys’ first-ever cryptocurrency exchange partner.
The event is scheduled to take place in Las Vegas in a few days at the MGM Grand Garden.
In a press release, the crypto exchange said that the partnership with the Recording Academy could extend beyond just a branding opportunity. But will enable it to work with Grammy organizers throughout the year, providing various Web3 solutions for initiatives.
Blockchain is Providing a new experience and monetization for the Music Industry.
The Co-founder of Binance, Yi He said, “Starting with the Grammys, we are excited to work together with the Recording Academy to bring fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment”.
Panos Panay, co-president of the Grammy Awards, commenting on the sponsorship stated that the partnership with Binance will enable the development of new revenue channels for the Recording Academy, as well as create new experiences for music fans around the world.
“As we continue to evolve the Recording Academy for a rapidly changing music industry and for the next generation of creators, we feel that it’s important to work with innovative partners to explore new monetization avenues for our members and create new experiences for music fans”.
Binance goes on a sponsorship spree for the first quarter
Binance has been sponsoring major global events in the first quarter of 2022. Last month Binance was announced to be the official sponsor of the Nigerian Idol season 7, one of Nigeria’s biggest music competitions. In Jan, in collaboration with CAF, it was named the official sponsor of the TotalEnergies Africa Cup of Nations (AFCON).
Binance is not Grammy’s first experience with the blockchain industry. Last November, The Grammy Awards signed a three-year partnership deal with OneOf, a non-fungible token (NFT) platform based on the Tezos blockchain, to release NFTs for the 64th, 65th, and 66th annual Grammy Awards.