Binance, the leading blockchain network, recently announced a strategic partnership with YG Entertainment, the renowned Korean music, and entertainment company. The partnership will see both parties working together to build new NFT, gaming, and Metaverse opportunities for users.
Binance released an official post on its website to explain the partnership and how the parties will operate. The platform will offer technology infrastructure and an NFT platform while YG will provide gaming assets and NFT content. Binance is one of the most popular exchanges in Asia. Binance was initially based in China but later moved its headquarters out of China following the Chinese government’s increasing regulation of cryptocurrency. Check out this complete Binance review for an in-depth understanding of how the exchange works.
The partnership will also see the organizations developing BSC-based games, Metaverse collaboration, and active effort to create new unique digital asset prospects for fans.
YG manages some of the most well-known Kpop stars, including BLACKPINK, BIG BANG, iKON, WINNER, TREASURE, and AKMU. YG has enormous potential to produce digital assets, such as NFTs, by leveraging its intellectual property (IP) rights across a variety of industries.
Non-fungible token (NFT) is a one-of-a-kind digital token that allows artists to share their work in a unique way. By fulfilling more than simply a consumption purpose for fans, NFT’s success is paving the road for a shift in the music and Kpop industry’s paradigm.
Kpop has dominated the Korean Wave, gaining millions of admirers all over the world. The MoU with Binance is expected to allow YG to expand its business in the NFT industry more rapidly.
Binance and YG also want to work together to develop the Metaverse and actively seek other digital asset opportunities to provide unique experiences and services for fans.
Bo Kyung Hwang, YG’s Chief Executive Officer, commented on the recent partnership. As per Bo, YG aims to steadily develop an eco-friendly and innovative NFT ecosystem. A partnership with Binance will offer a chance for YG to secure new opportunities and royalties for valuable and rare content. YG also hopes that the collaboration will cement the bond between artists and fans.
Binance NFT’s Global Head, Helen Hai, shared similar thoughts about the partnership. According to Helen, a collaboration with YG will certainly add value and global influence for the companies.