Binance, the world’s largest cryptocurrency exchange, announced on February 8 that it had signed a Memorandum of Understanding with South Korean multinational YG Entertainment. The MoU will represent an alliance between two companies to intensify their impact on the blockchain industry, and its sub-parts are cryptocurrency, NFTs and the star of Web 3.0, the Metaverse.
Several projects will be researched, developed and implemented in the field of blockchain. Among the projects, the group’s goal is to build the Metaverse, develop gaming platforms and applications based on the Binance Smart Chain, and create a space for people to own and transact with digital assets.
YG Entertainment is the umbrella, under its shadow, of many world-famous K-pop artists such as BIG BANG, AKMU, BLACKPINK, TREASURE, and iKON. Furthermore, with its tentacles spread across various areas of the industry, including record labels, event management and music publishing, YG Entertainment is promoting a range of intellectual property (IP) rights.
Binance, in cooperation with YG, will be able to access these rights and use them to create opportunities to build digital assets. This, in turn, will help companies come together to develop unique services and experiences for fans and others alike. “YG is one of the most popular global entertainment companies in the world. Both Binance and YG will seek to further build their leadership in their respective fields,” Helen Hay, Global Head of Binance NFT, said in a press release.
Talking about the collaboration and the expected results of this collaboration, Helen added, “We hope this will support the development of the global blockchain ecosystem and bring more mainstream adoption of new assets, such as NFTs, to a new user base. Binance and YG will make efforts to create an ecosystem for them.” Environmentally friendly for NFTs, which will include K-pop artists to connect with their fans on a whole new level and vice versa.
K-pop in the driver’s seat is driving the korean wave between different countries in the world. Together with Binance and YG, the wave will go deeper and allow YG to expand its growth in the NFT market. “As a K-pop leader, we plan to build an innovative and environmentally friendly NFT ecosystem steadily. The collaboration with Binance has provided an opportunity for YG to secure royalties and job opportunities for rare and valuable content,” said Bo Kyung Hwang, CEO of YG.