OneOf set to mint GRAMMY Awards NFTs for three years
The partnership to release NFTs to commemorate the 64th, 65th and 66th Annual GRAMMY Awards
The US Recording Academy and OneOf, a green non-fungible-token (NFT) marketplace for music, have announced a partnership to release NFTs commemorating the 64th, 65th and 66th Annual GRAMMY Awards.
The NFTs will be released as GRAMMY Award collectables and experiences celebrating nominees and recipients, including tokens designed by world-famous crypto artists using GRAMMY Awards in the work. Among those backing the partnership is legendary producer Quincy Jones.
Details of the NFT collections will be revealed in the new year before the 64th Annual GRAMMY Awards take place on 31 January 2022. A portion of the NFTs’ proceeds will go to the Recording Academy scholarship fund.
“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,” said Panos A Panay, co-president of the Recording Academy. “OneOf shares that vision, and we are proud to work with a sustainable NFT company.”
The OneOf platform
OneOf is an NFT platform built on the Tezos blockchain protocol. It is designed to be a place where the music community can “create an environmentally sustainable, artist-and-fan-friendly experience”.
The company claims that minting a NFT on OneOf’s platform uses two million times less energy than other proof-of-work networks. In addition, artist and creator partners have $0 in blockchain transactions fees when minting NFTs.
Dedicated to charitable causes, OneOf offers artists the option to donate portions of their NFT proceeds to charities of their choice. OneOf also allows fans to pay with credit or debit cards and cryptocurrencies.
“I’ve been advocating for artists my entire career, so any technology that serves to help musicians make a living is something I fully stand behind,” said Quincy Jones. “It excites me to know that OneOf is working to bring more money into the ecosystem.”
OneOf’s NFT platform launched in August. Former GRAMMY Award nominee Doja Cat issued a 26,000 token drop in the debut collection, with a one-off piece from it selling for $188,000 (£137,671). That made it the largest auction transaction to date on the Tezos blockchain protocol. Artists who have been signed on to release NFTs with OneOf include Whitney Houston, TLC, Jacob Collier, Quincy Jones, H.E.R., Charlie Puth, AURORA and G-Eazy.
OneOf did not immediately respond to a request for comments.