One of the biggest names from the cryptocurrency world, Binance has partnered with South Korean multinational entertainment agency YG Entertainment to take over the digital world of non-fungible tokens (NFTs) and gaming.
Their collaboration was announced on 8 February 2022.
Read on to know more about the collaboration
While K-pop continues to take the world by storm, this partnership will result in YG Entertainment’s exceptional growth in the NFT market.
The agency, 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.
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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.
What Binance and YG Entertainment said
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 Credit: Binance.com)