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X was established in 1983 and located in Cleveland, Ohio, United States, is dedicated to recording the history of some of the best-known and most influential musicians, bands, producers, and others that have in some major way influenced the music industry .

Originally, there were four categories of induction: performers, non-performers, early influences, and lifetime achievement. In 2000, “sidemen” was introduced as a category.
The only category that has seen new inductees every single year is the performers category. Artists become eligible for induction in that category 25 years after the release of their first record.In order to be inducted, an artist must be nominated by a committee that selects anywhere from nine to a dozen candidates. Ballots are then sent to 600 ” experts” who evaluate the candidates and vote on who should be inducted. The performers that receive the highest number of votes and more than 50 percent of the vote are inducted.

Credits: Krishan Kumar

Highlight for answer : Rock and Roll Hall of Fame