The deal will see Binance and YG develop Metaverse, NFT and Gaming opportunities
Companies will also work together to creating an eco-friendly ecosystem for NFTs.
SINGAPOREFeb. 7, 2022 /PRNewswire/ — Binancethe world’s leading provider of blockchain ecosystems and cryptocurrency infrastructure, announced the signing of a memorandum of understanding to establish a strategic partnership with YG Entertainment Inc. (YG), one of the South Korea large multinational entertainment companies.
As part of this strategic partnership, Binance and YG will cooperate on a series of blockchain projects, including collaborations in the NFT space. Binance will provide the NFT platform and technology infrastructure while YG will provide the NFT content and game assets.
The two companies also plan to develop games based on Binance Smart Chain, collaborate on building the Metaverse, and actively pursue various digital asset opportunities to develop unique fan experiences and services.
The partnership between Binance and YG is expected to create positive synergies between the two companies. A number of world famous Kpop stars are managed by YG, including Big Bang, Blackpink, Winner, iKon, AKMU, and Treasure. YG has immense potential to develop digital assets, including NFTs, using their intellectual property (IP) rights in a wide range of business areas.
NFT, which stands for Non-Fungible Token, is a one-of-a-kind digital token that allows artists to share their content in a unique way. The growth of NFT paves the way for a paradigm shift in the music and Kpop industry by serving more than just a consumption purpose for fans.
Kpop has been at the forefront of the Korean wave, attracting millions of fans around the world. It is expected that the MoU with Binance will enable YG to more actively expand its growth in the NFT market.
Binance NFTs is a multi-chain platform that uses the PoSA (Proof of Staked Authority) network, a consensus protocol agreement that is greener and more energy efficient than Bitcoin. Creating NFTs in an eco-friendly way is one of the considerations Binance and YG emphasize when collaborating.
Bo Kyung HwangCEO of YG, said, “As a leader in Kpop, we plan to gradually build an innovative and environmentally friendly NFT ecosystem. The collaboration with Binance has allowed YG to obtain royalties and business opportunities for rare products and valuable content. We also hope that it can further strengthen the bond between fans and artists.
Helene HaiGlobal Head of Binance NFT, said, “YG is one of the best-known global entertainment companies in the world. Binance and YG will strive to build leadership in their respective fields. Now that the two companies have joined forces , we can expect to see a strong cooperative relationship forged. We hope this will support the development of the global blockchain ecosystem and drive the widespread adoption of new assets, such as NFTs, for a new foundation of blockchain. users.
Helen added, “Binance will work closely with YG to create an eco-friendly ecosystem for NFTs. YG is a global entertainment company with global influence, and we believe in promoting the use of sustainable blockchain platforms.