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The Grammy Awards in January 2022 Will Use NFTs as Awards
The 64th annual Grammy Awards are set to take place in January 2022, and it has been announced that NFT collectibles will be awarded as prizes.
The digital tokens will be produced in a collaboration between the US Recording Academy and NFT platform OneOf, backed by famed music producer Quincy Jones.
Grammys Goes Green for NFTs
Built on the Tezos blockchain, OneOf is hailed as an environmentally friendly NFT platform specifically designed with the music industry in mind. The platform does not charge artists and creator partners any minting fees to create NFTs, and claims to use 2 million times less energy than other blockchains such as Ethereum, which is the network utilised by most NFTs.
The platform also lowers the barrier to entry for fans by accepting debit and credit cards.
At the moment, NFTs do not offer the best user experience in that they are expensive and the only scaling solutions available compromise on security. This is the reason why more environmentally friendly initiatives are needed. Last month, Sydney-based tech business Immutable raised US$60 million for an eco-friendly NFT games platform.
Academy Scholarship Fund
According to the Recording Academy, the collection will include digital collectibles in a similar concept to what World Wrestling Entertainment (WWE) now offers its fans. The Academy added that a portion of the proceeds from NFT sales will go towards its scholarship fund.
According to Recording Academy co-president Panos Panay:
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.
Panos Panay, co-president, Recording Academy
Author
Jana Serfontein
Jana has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system. And is also intrigued with the psychological effect that cryptocurrencies have on society.
