Blockchain ecosystem and cryptocurrency infrastructure provider Binance said Monday it has partnered with South Korean entertainment firm YG Entertainment (YG) to develop metaverse, non-fungible token (NFT) and gaming opportunities.

Binance said in a statement that it has signed a memorandum of understanding (MoU) to build a strategic partnership with YG, and as part of the strategic partnership, Binance and YG will cooperate on a range of blockchain projects, including collaborations in the NFT space.

Under the partnership, Binance will provide the NFT platform and technology infrastructure while YG will supply NFT content and gaming assets.

The two companies also have plans to develop Binance Smart Chain-based games, collaborate on building the metaverse, and actively pursue various digital asset opportunities to develop unique experiences and services for fans.

It is expected that the partnership between Binance and YG will create positive synergies between the two firms.

It is noted that a number of world-renowned 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 fields.

NFT is a one-of-a-kind digital token that allows artists to share their content in a unique way. The growth of NFT is paving the way for a change in the paradigm of 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 globe. It is expected that the MoU with Binance will allow YG to more actively extend its growth in the NFT market.

Binance NFT is a multichain platform that uses the Proof of Staked Authority (PoSA) network, a consensus agreement protocol that is more eco-friendly and energy-efficient than Bitcoin. Creating NFTs in an eco-friendly way is one of the considerations that Binance and YG emphasize during the collaboration.

“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,” said Bo Kyung Hwang, Chief Executive Officer at YG.

Meanwhile, Binance NFT Global Head Helen Hai said that YG is one of the most well-known global entertainment corporations in the world, and 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,” she said.

She also said Binance will be working closely with YG to create an eco-friendly ecosystem for NFTs.

“YG is a global entertainment corporation with global influence, and we believe that it is important to promote the use of sustainable blockchain platforms,” she added.

Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume.

Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

YG is a South Korean multinational entertainment agency established in 1996 by Yang Hyun-suk. The company operates as a record label, talent agency, music production company, event management and concert production company, and music publishing house.

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