Binance, the world’s largest cryptocurrency exchange platform, said on February 8 that it has inked a Memorandum of Understanding (MoU) with YG Entertainment, a South Korean international entertainment firm. The MoU will symbolise a partnership between two companies to expand their impact in the blockchain business, which includes bitcoin, NFTs, and Metaverse, the star of Web 3.0.
In the blockchain area, several initiatives will be investigated, developed, and deployed. The conglomerate wants to establish a Metaverse, develop Binance Smart Chain-based gaming platforms and applications, and create an environment where individuals can own and trade digital assets, among other things.
Many world-renowned K-pop singers, such as BIG BANG, AKMU, BLACKPINK, TREASURE, and iKON, thrive under the umbrella of YG Entertainment. YG Entertainment also hones an assortment of Intellectual Property (IP) rights by having its tentacles stretch across numerous aspects of the industry, including record labels, event management, and music publishing.
Binance will be able to access and utilize these rights in conjunction with YG to generate digital asset-building opportunities. As a result, the companies’ coming together, they will be able to provide unique services and experiences for fans and others. “YG is one of the world’s most well-known entertainment conglomerates. In a news statement, Helen Hai, Global Head, Binance NFT, said, “Both Binance and YG will continue to strive to develop their leadership in their respective industries.”
“We hope that this will help the development of the global blockchain ecosystem and bring greater mainstream use of new assets, such as NFTs, to a new user base,” Helen said of the collaboration and the expected consequences. Binance and YG will work together to establish an environmentally friendly ecosystem for NFTs, allowing K-pop artists to connect with their fans on a whole new level and vice versa.
The Korean wave is being steered by K-pop in many countries throughout the world. The wave will become more substantial as Binance and YG collaborate, allowing YG to expand its growth in the NFT industry. “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.