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YG Entertainment and Binance join forces to launch NFTs and games

Will we begin to see K-pop stars enter the Metaverse?

Binance, one of the biggest names from the cryptocurrency world, has partnered with South Korean multinational entertainment agency YG Entertainment to take over the digital world of non-fungible tokens (NFTs) and gaming.

As K-pop continues to take the world by storm, this partnership will result in YG Entertainment’s exceptional growth in the NFT market.

The collaboration was announced on 8 February 2022. Here’s what we know so far.

YG Entertainment x Binance

YG, which has clients like BLACKPINK, iKon and Akmu, signed a Memorandum of Understanding (MoU) with Binance, and they plan to escalate their influence in the blockchain industry, which includes the Metaverse, NFTs and gaming.

Owing to the corporations’ immense potential, they also aim to fabricate an eco-friendly ecosystem for NFTs. Moreover, because of YG Entertainment’s clientele, it has immense potential of creating digital assets using its Intellectual Property Rights. The two organisations are also in the works of creating Binance Smart Chain-based games and building a metaverse.

Statements from Binance and YG Entertainment

Speaking about the collaboration, the CEO of YG Entertainment, Bo Kyung Hwang, said, “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.”

Helen Hai, global head of Binance NFT, also had similar feelings about the partnership. She said, “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.”

(Main and Feature Image: Timothy Norris / Getty)
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Nishtha Grover
A travel fanatic who loves exploring new dishes and cultures only to later write about them. You will either find her reading, trying new skincare products or sleeping during her spare time. Also, loves rock music and cannot do without it.
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