NFT mania has officially seized the film and music industry. The craze for non-fungible tokens (NFTs), a digital asset that links ownership to unique physical or digital items, has soaring across the world. Grammys was the latest to jump onboard the NFT bandwagon. The award body, US-based Recording Academy, announced that they have partnered NFT platform OneOff for three years to facilitate the NFT sale and purchase.
“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 statement from the Recording Academy said.
Digital collectibles will be inspired by award winners and nominees from the music industry. These NFTs will mark the 64th, 65th, and 66th editions of the awards. The record body will announce NFT collection celebrating Grammy winners and nominees will be unveiled in January 2022. A portion of the proceeds from the NFT sales will go to its scholarship fund, the recording company said.
“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,” Panos A. Panay, co-president of the Recording Academy, said in a statement.
Commenting on its partnership with the Grammys, the founding members of OneOf said, “If used to their full potential, NFTs will empower the music industry in a way few other technologies ever have. It is our great honor to work with this prestigious organization to help shepherd this bright future to the industry”.
“It excites me to know that OneOf is working to bring more money into the ecosystem, and simultaneously, I’ve been with the GRAMMYs/the Recording Academy since its inception. So, it makes my soul smile to see OneOf partnering with this wonderful organization, and I look forward to seeing the good they will do for artists,” 28-time Grammy Award winner Quincy Jones said.
An NFT is a one-of-a-kind digital asset that represents real world objects such as music, art, in-game articles, videos or even social media posts. Being non-fungible, NFTs can not be interchanged with anything else as it is unique and irreplaceable. In recent times, NFTs have become a popular way to sell and buy digital artwork. However, these digital tokens have been around since 2014.
Recently, McDonald’s announced the launch of its limited edition NFT to mark the 40th anniversary of its McRib sandwich. “Our McRib NFTs are digital versions of the fan favorite sandwich – almost as saucy as the McRib itself– and we’re giving them away to a few lucky fans on Twitter beginning Nov. 1,” McDonald’s said in a statement. Ten NFTs of the McRib sandwich, a popular item on the menu, have been launched in the United States.
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