For the third year in row, the mtvU Woodie Awards were held at South by Southwest in Austin, Texas. On Sunday (March 16), rappers Lil Wayne, Childish Gambino and Iggy Azalea were among the artists who performed at the event dedicated to music, college students and love.

Weezy F. Baby kicked off the festivities with a verse from his 2008 hit 'A Milli' and a new freestyle. Afterward, he he told the crowd, “Tonight, we here to celebrate the theme of my life, and that’s music."

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Later, Azelea and her backup dancers graced the stage to perform the hip-hop ditty 'Fancy' with Charli XCX. Dressed in a yellow high-waist plaid bikini bottom with a matching black bra and boots, the Aussie rhymer rocked the crowd with her sexualized rhymes. "Stuntin' how you love that? / I got the whole world asking' how I does that / Hot girl, hands off, don't touch that / Look at it, I bet you wishing that you could touch that," she rapped.

Meanwhile, Gambino wanted to shine brightly for his performance at the Woodie Awards. The rapper-actor casually walked to the stage wearing a sports coat covered in Christmas lights. While he rapped his 'Because the Internet' song '3005,' he was then followed by a brass band procession that were also dressed in colored lights as well.

Once he hit the stage, Gambino turned it up a notch and performed the abrasive track 'Sweatpants' much to the crowd's delight.

Vivien Killilea, Getty Images

Outside of the great performances, Woodie awards were handed out as well. Drake won the Woodie of the Year trophy, which Wayne accepted on his behalf. Other honorees included Beyonce who nabbed the Did It My Way Woodie, Chance the Rapper grabbed Best Video Woodie for 'Everybody's Something,' and A$AP Rocky and Skrillex won a Best Collaboration Woodie for their song 'Wild for the Night.'

You can watch the entire 2014 mtvU Woodie Awards here.

Watch Iggy Azalea & Charli XCX Perform 'Fancy' at 2014 mtvU Woodie Awards

Watch Childish Gambino Perform '3005 / Sweatpants' at 2014 mtvU Woodie Awards