Binance, the world’s leading cryptocurrency exchange, has announced its partnership with South Korea’s YG Entertainment. The companies have signed a Memorandum of Understanding to build a strategic partnership.
Under the deal, Binance and YG will cooperate on a range of blockchain projects, including collaborations in the NFT space. Binance will provide the NFT platform and technology infrastructure while YG will supply NFT content and gaming assets.
NFT stands for a non-fungible token, a digital token like drawings that can be sold and traded. This also allows artists to share their content in a unique way.
The two companies also have plans to develop Binance Smart Chain-based games, collaborate on building the Metaverse, and actively pursue various digital asset opportunities to develop unique experiences and services for fans.
“YG is one of the most well-known global entertainment corporations in the world. Both Binance and YG will strive to further build their leadership in their respective fields. Now that the two companies have joined forces, we can expect to see a strong cooperative relationship being forged. We hope that this will support the development of the global blockchain ecosystem, and bring further mainstream adoption of new assets, such as NFTs, to a new user base,” said Helen Hai, Global Head of Binance NFT.
YG has been managing world-renowned Kpop stars including BIG BANG, BLACKPINK, WINNER, IKON, and more.
Creating NFTs in an eco-friendly way is one of the considerations that Binance and YG emphasize during the collaboration.
“As a Kpop leader, we plan to steadily build an innovative and eco-friendly NFT ecosystem. Collaboration with Binance has provided an opportunity for YG to secure royalties and business opportunities for rare and valuable content. We also hope that it could further strengthen the bond between fans and artists.” said Bo Kyung Hwang, CEO of YG Entertainment.
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