Tezos may be flying under the radar, but this new partnership may make this bird sing. Covered: Tezos at the Grammys Strong NFT and Smart Contract Growth Tezos at the Grammys Tezos is one of those chains everyone knows about but no one really talks about. They have been around since the 2017 ICO boom, […] The post The Recent Tezos Partnership No One Is Talking About appeared first on CryptosRus.

The Recent Tezos Partnership No One Is Talking About

Tezos may be flying under the radar, but this new partnership may make this bird sing.

Covered:

  • Tezos at the Grammys
  • Strong NFT and Smart Contract Growth

Tezos at the Grammys

Tezos is one of those chains everyone knows about but no one really talks about. They have been around since the 2017 ICO boom, but have planted their flag in the top 50 by market cap, currently sitting at number 45.

A recent major partnership that has garnered little chatter is testament to the above statement. It was announced on Friday that Tezos NFT project Oneof has partnered with the Grammys, which is the largest and most prestigious annual music awards event in the world, presented by the Recording Academy.

The Grammys is an event that draws in millions of TV viewers, and while its prestige haas waned slightly, is a still a “big deal” in the United States. As mentioned above, the NFT’s will be memorabilia to commemorate the event. This partnership is yet another sign that crypto is finding its way into every facet of our lives, often times using NFT’s as the vector.

In fact, the NFT platform Oneof actually signed a three year deal with the recording academy, meaning Tezos will be a staple at the next three annual events. Panos Panay, co-President of the Recording Academy said of the deal: “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.”

Strong NFT and Smart Contract Growth

Tezos has been a sleeping giant when it comes to NFT’s. In June, McLaren Racing said it plans to build a NFT platform on the Tezos blockchain. Tezos has a vibrant NFT community, and their “clean NFT” motto is going a long way to help its adoption in more conscious circles like the Hollywood conglomerate who puts on the Grammys.

Much of Tezos growth in the last year has been due to NFT’s. According to Coin Metrics’ “State of the Network” report on Tuesday, smart contract transactions on Tezos have increased over the past 12 months to more than 50,000 per day from less than 10,000 per day in January 2021. In addition to this, Ubisoft announced NFT gaming support in December with Tezos.

Since Tezos cut its block times in half in August 2021, the increase in transactions has surged to over 250,000 per day. This is still just a quarter of what Ethereum does per day, but it is impressive growth considering Tezos doesn’t get much attention from mainstream crypto press.

Tezos has also opted for a more corporate approach, with advertisements frequently seen in major venues such as Citi Field in New York City. However, they are still lacking in DeFi TVL, which is arguably the most key metric for any smart contract chain. According to data from DefiLlama, Tezos ranks 37 in TVL, with a total of ~90 million dollars locked. They will need to fix this if they want to play with the big boys.

Still, they are making quiet progress, and the absence of hype can actually be a very strong leading indicator.

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