Grammys declares NFTs commemorating music artists for 3 years

This 12 months, non fungible tokens (NFTs) took the world by storm. The newest to enter this crypto frenzy is— the Grammy Awards, parented by US-based Recording Academy to acknowledge achievements within the music business.
The Recording Academy has partnered with NFT platform OneOf, to facilitate the NFT sale and buy. Digital collectibles might be impressed by award winners and nominees from the music business. These NFTs will mark the sixty fourth, sixty fifth, and 66th editions of the awards.
An NFT is a digital asset that hyperlinks possession to any bodily or digital objects, resembling artworks, music, or movies. NFTs could be thought-about modern-day collectibles.
Panos A. Panay, co-president of the Recording Academy, mentioned in a press release, “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.”
More particulars on the NFT assortment celebrating Grammy winners and nominees might be unveiled in January 2022. The Recording Academy in a public assertion introduced {that a} portion of the proceeds from the NFT gross sales will go to its scholarship fund.
“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,” an official assertion from the Recording Academy mentioned.
Lin Dai, Adam Fell, and Joshua James, in a press release, identified that NFTs will empower the music business in a method few different applied sciences ever have. Meanwhile, no leaked glimpses or teasers of the NFTs have surfaced on social media.