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As Official Crypto Exchange Partner of the Grammys

Cory Russell

Apr 01, 2022 10:37


Binance has signed on as the Recording Academy's first official cryptocurrency exchange partner.

Binance will be sought out by the Recording Academy to spearhead Web3 efforts.

Binance's collaboration with the Recording Academy is the latest in a series of K-Pop collaborations aimed at increasing fan interaction.

Binance, one of the most popular cryptocurrency exchanges, was in the news again today. Despite recent clashes with regulators in a number of locations, Binance continues to push the crypto envelope.

To raise brand exposure, cryptocurrency exchanges have targeted mainstream events. eToro, FTX, Coinbase, and Crypto.com were featured in Super Bowl LVI in February, with the crypto exchanges purchasing half-time ad time.

Binance Sponsors the Grammys in the US

Binance became the Recording Academy's first-ever official crypto exchange partner today, according to news reports. The Grammy Awards, the only peer-recognized music honor, are organized by the Recording Academy.

Binance and the Recording Academy will apparently use Web3 to boost music fan engagement, as revealed by the Recording Academy on Twitter.

The Grammy Awards attracted only 8.8 million viewers in 2021, down from 18.7 million in 2020.

The previous low was 17 million in 2006, according to the New York Times. Staples Corner, currently known as Crypto.com Arena, hosted the event in 2021.

Similar trends have been observed in other broadcast award shows and significant athletic events.

While viewership for Super Bowl LVI dropped to a 15-year low, crypto exchanges experienced a surge in visitors shortly after their commercials aired. Binance is looking for the same thing.

Web 3 is not new to the Recording Academy. The Academy and Tezos-based NFT platform OneOf struck a three-year contract in November.

After forming relationships with K-Pop, Binance supports the Grammy Awards.

Music Industry and Global Fan Base Binance

Binance and KStarLive announced the release of "THE SHOW FanBox NFT Collection" in late 2021.

THE SHOW FanBox NFT Collection was FEATURED's first K-Pop performance NFT release. Binance's innovation arm, FEATURED, is a non-custodial, on-chain NFT platform.

SM Brand Marketing and YG Entertainment have also developed strategic collaborations with Binance.

Binance and SM Brand Marketing are working together to create a global Play-to-Create (P2C) ecosystem. Users will be able to generate content and items such as games, music, dance, and merchandise that can be converted into NFTs using P2C.

YG Entertainment, a K-pop label, and Binance are collaborating to build Metaverse, NFT, and gaming options.

Binance provides K-Pop with a worldwide platform for fan retention and engagement.

Binance will be looked to by the Recording Academy to spearhead similar projects in order to keep the Grammys at the forefront of the music business.

The 2022 Grammy Awards will be held on April 3 in Las Vegas.