World’s largest cryptocurrency exchange platform, Binance, on February 8, announced 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 corporations to proliferate their influence over the blockchain industry, subparts of which are cryptocurrency, NFTs, and the star of Web 3.0, Metaverse.
Various projects will be researched, developed, and implemented in the blockchain space. Among the projects are the conglomeration’s aim to build a Metaverse, develop Binance Smart Chain-based gaming platforms and applications, and create a space for people to own and transact for digital assets.
YG Entertainment is an umbrella, under the shade of which, many world-renowned K-pop artists such as BIG BANG, AKMU, BLACKPINK, TREASURE, and iKON, sustain. Moreover, having its tentacle spread across various areas in the industry, including record labels, event management, and music publishing, YG Entertainment hones an array of Intellectual Property (IP) rights.
Binance, collaborating with YG, will be able to access and use these rights to create digital asset-building opportunities. This will, in turn, 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 corporations in the world. Both Binance and YG will strive further to build their leadership in their respective fields,” said Helen Hai, Global Head, Binance NFT, in a press release.
Talking about the cooperation and the results expected from the collaboration, Helen added, “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. Together Binance and YG will put efforts to create an eco-friendly ecosystem for NFTs, which will include K-pop artists to bond with their fans on a whole new level and vice-versa.
K-pop is in the driving seat steering the Korean wave among various nations of the globe. With the collaboration of Binance and YG, the wave will become more profound and will allow YG to extend growth in the NFT market. “As a K-pop 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,” said Bo Kyung Hwang, CEO, YG.
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