The world’s largest cryptocurrency exchange platform, Binance, announced on February 8 that it has signed a Memorandum of Understanding (MoU) with South Korea’s multinational entertainment company YG Entertainment. The MoU will represent an alliance between two companies to increase their influence on the blockchain industry, including cryptocurrency, NFTs and the star of Web 3.0, Metaverse.
Several projects will be researched, developed and implemented in the blockchain space. One of the projects is the conglomerate’s goal to build a Metaverse, develop Binance Smart Chain-based gaming platforms and applications, and create a space where people can own digital assets and transact.
YG Entertainment is an umbrella, in the shadow of which many world-renowned K-pop artists such as BIG BANG, AKMU, BLACKPINK, TREASURE and iKON support. In addition, with its tentacle spread across various areas of the industry including record labels, event management and music publishing, YG Entertainment is tightening a set of intellectual property rights (IP).
Binance, which is partnering with YG, will access these rights and use them to create digital asset building opportunities. This, in turn, will help the confluence of the companies to develop unique services and experiences for fans and others alike. “YG is one of the most well-known global entertainment companies in the world. Both Binance and YG will strive to further build their leadership in their respective fields,” said Helen Hai, Global Head, Binance NFT, in a press release.
Speaking about the collaboration and the expected results of the collaboration, Helen added: “We hope this will support the development of the global blockchain ecosystem and bring the mainstream adoption of new assets, such as NFTs, to a new user base. Binance and YG will join efforts to create an eco-friendly ecosystem for NFTs, including K-pop artists to engage with their fans on a whole new level and vice versa.
K-pop sits at the wheel and steers the Korean wave between different countries of the world. With the partnership of Binance and YG, the wave will deepen and YG will be able to expand the growth in the NFT market. “As a K-pop leader, we intend to steadily build an innovative and eco-friendly NFT ecosystem. The partnership with Binance has provided YG with the opportunity to secure royalties and business opportunities for rare and valuable content,” said Bo Kyung Hwang, CEO of YG.
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