Grammys 2022: NFTs have become a hot topic among musicians and industry experts

Music industry experts and renowned musicians discuss and showcase NFTs at the 2022 Grammy Awards.The multi-billion dollar music industry has recently shown interest in NFTs as musicians everywhere begin to understand the power of moving away from centralized business models. 

The multi-billion dollar music industry has recently shown interest in NFTs as musicians everywhere begin to understand the power of moving away from centralized business models.

The concept is currently being showcased by early innovators such as popular rapper Snoop Dogg, who recently acquired Death Row Records with plans to turn the company into the Metaverse’s first NFT record label. Country music icon Dolly Parton also recently launched her first NFT series, dubbed “Dollyverse,” which includes tokenized artwork and music as part of a promotional campaign for her album “Run, Rose, Run” part.

NFTs: Hot topics during the 2022 Grammys

While noteworthy, the collision of music and NFTs came to fruition during the 64th Grammy Awards on April 3, 2022 at the MGM Grand Hotel and Casino in Las Vegas. The Grammys are quite possibly one of the most important events in the American music industry, as a series of awards presented by the Recording Academy honors outstanding achievement in the music industry.

Given the rise of NFTs, NFTs became a hot topic of discussion at the 2022 Grammy Awards. 2022 Grammys comedian and host Trevor Noah joked midway through the event: “When your favorite artist goes from trying to sell you music to a picture of a digital monkey, you know it’s going to be tough. ” This sentence refers to the Bored Ape Yacht Club’s NFT series. However, at this year’s Grammy Awards, NFTs proved to be more than a joke, as industry experts expressed interest in NFT use cases.

“Cointelegraph comes to the #Grammy red carpet! @Rachelwolf00 and @BY_DeFi are excited to discuss #NFTs with all the artists.

Reporting is about to begin”

— Cointelegraph (@Cointelegraph) April 3, 2022

For example, Tia Smith, the Grammy governor and co-chair of the Washington chapter of the Music Video Committee and owner/executive producer and director of talentdSOL Productions, told Cointelegraph that she is interested in learning more about NFTs and what they mean for the creative community as a whole. what.

“NFTs seem to be a very viable form of expression and commerce. With so many different industries adopting NFTs, I’m very interested in creating content and forming partnerships to create NFT artwork as an extension of music, TV and film.”

Smith added that she works in film and television production, noting that this particular industry has undergone some transformations over the years. “We’ve seen the birth of film, video, digital, high-definition, etc. But other aspects of music and art are also booming, so I’m very interested in the evolution of film and NFTs.”

While the field of NFTs is still a nascent concept for music industry experts, Smith shared that she can understand how NFTs could soon be incorporated into major performance scenes, such as the Grammys. “We live in the age of intellectual property, and this is just another extension of that,” she said.

It’s also worth noting that some mainstream musicians decided to launch NFT series during this year’s Grammys. For example, American rapper and record producer Gerald Earl Gillum (whose stage name is “G-Eazy”) told Cointelegraph that he is very excited and honored to launch his first NFT series at this year’s Grammys. Dubbed “The Geralds”, the collection was created by graphic designer Dzanar and launched on the NFT music platform built on Tezos’ OneOf NFT platform. G-Eazy explained that the batch has 10 unique 3D-NFT avatars representing his diverse personality.

“Anyone who knows me will say that I’m an eclectic person with different interests and hobbies. So there are different avatars in this collection to represent that. For example, there’s a ‘G for snowboards’, he Love the mountains, and a G in a black leather jacket, with oiled hair, and performing on stage.”

While the “The Geralds” series is certainly unique, it must be noted that G-Eazy may be the first artist to showcase an NFT series at the Grammys. G-Eazy elaborates that this is important to him given the pace of innovation today. “You have to pay attention to what’s going on, and that’s how the world is right now,” he said. G-Eazy added that he’s always been a big believer that art isn’t limited to one medium, noting that his parents were both visual arts professors. “I grew up appreciating many different forms of art, and I think it’s all cross-compatible with various industries.”

In addition to G-Eazy’s NFT series launching during the 2022 Grammys, Colin Fitzpatrick, CEO of Animal Concerts — a platform that helps artists get to Web3 — told Cointelegraph that the Avila brothers are at the Resorts World hotel in Las Vegas. Their new hits were revealed and announced for the first time. “The song features Billy Ray Cyrus and Snoop Dogg, titled ‘A Hardworking Man.’ Animal Concert is the executive producer,” Fitzpatrick said. According to Fitzpatrick, the upcoming NFT launch will take place soon after the newly released track.

NFT on the Grammy red carpet this year, why?

While NFTs were a hot topic at this year’s Grammys, it’s important to note that early NFT use cases entered development in 2017. Therefore, some may wonder why it took more than five years for NFTs to come into the limelight.

Josh Katz, CEO of YellowHeart — a marketplace for music NFTs and live event NFT tickets — told Cointelegraph that a year ago, no one in the music industry really knew what NFTs were. However, Katz believes that this changed when American rock band Kings of Leon released the industry’s first NFT album with YellowHeart in March 2021. “After this album, everyone in the music and entertainment industry started paying attention to NFTs. The more creative artists jumped in first, and then everyone else started poking around.”

Almost a year on, Katz believes that the music industry is now seeing mainstream adoption of NFTs given the potential surrounding them.

“We’ve had music content in multiple formats for years, be it CDs, tapes or streaming platforms. But now, fans want to be part of an experience. They want benefits and utility, so NFT platforms are now Release NFT music and a certain number of fans will buy from innovative artists. This will quickly become another revenue stream, and many in the music industry are now realizing it.”

To illustrate, Katz explained that recording artists and musicians traditionally receive small payments from streaming services like Spotify, which are then passed on to third-party labels, publishers and others. “All of these entities take a percentage of the payment and the rest goes back to the artist. We call this the 90/10 rule, where the artist only gets 10% of their income and everyone else gets the other 90%.” , for NFT albums, Katz pointed out that an artist can sell for less and keep 90% of the revenue or even more. Katz added:

“The 2022 Grammys represent an inflection point where creativity is showcased. NFTs are the future of the industry, and the smarter artists at the Grammys are realizing it.”

Crypto Companies Sponsor 2022 Grammys to Further Explore Innovation

In light of this, it’s also worth pointing out that two cryptocurrency companies were the main sponsors during this year’s Grammys. Binance, the popular cryptocurrency exchange, and OneOf, a green NFT platform that works with musicians like G-Eazy, both have big presences at the 2022 Grammy Awards. Lin Dai, CEO and co-founder of OneOf, told Cointelegraph that he is excited to see Tier 1 companies in the blockchain space bring cryptocurrencies and NFTs to the Grammys.

“The Recording Academy is the most important institution in the music industry, and we know that they are very selective in deciding which companies to align with their brands. We are delighted that more and more cryptocurrency and blockchain companies are involved in music, Adopted by sports and the most recognizable music events, we expect this trend to continue.”

A Binance spokesperson further told Cointelegraph that Binance hopes to gain brand recognition through its recent partnership with the Recording Academy. “We are exploring ways to bring Web3 technology to the music industry,” the spokesperson said. While innovative from a marketing standpoint, the Binance spokesperson added that in the future, Binance will educate members of the Recording Academy on cryptocurrency and how blockchain can help their businesses be more forward-looking and financial safety.

In fact, that seems to be the case with musicians and businesses in the entertainment industry. For example, MGM Resorts International — host of the 2022 Grammy Awards — recently announced a partnership with YellowHeart to issue NFT tickets for its latest work, Eternal. Performed by dance troupe Jabbawockeez, the show will be the first NFT ticketed show in Las Vegas.

Andrew Machado, senior vice president of digital design and business adjacency at MGM, told Cointelegraph that NFTs used for ticketing could provide value to guests. “They turn something as mundane as a concert ticket into a living digital object that can change with each situation, such as entering a venue for a show, or as a collectible after the show,” Machado added. Creators now have a one-to-one relationship with NFT owners, which means they can airdrop holders’ new content. “In the case of Jabbawockeez, for example, NFT holders will receive food and beverage credits at MGM’s Level Up lounge,” he said.

In terms of issuing NFT tickets for big events like the Grammys, Machado thinks it’s possible, but only time will tell. “MGM Resorts is at the intersection of entertainment and gaming, and we believe NFTs can play a role there, but time will tell for consumer adoption.”

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