Binance, blockchain ecosystem and cryptocurrency infrastructure provider has announced the signing of a Memorandum of Understanding to build a strategic partnership with YG Entertainment Inc. (YG), South Korea’s multinational entertainment corporations, on Tuesday.
As a part of the strategic partnership, Binance and YG will cooperate on a range of blockchain projects, including collaborations in the NFT space. Moreover, Binance will provide the NFT platform and technology infrastructure, while YG will supply NFT content and gaming assets.
Additionally, this venture of two companies plans to develop Binance Smart Chain-based games, and also collaborate on building the Metaverse, and actively pursue various digital asset opportunities to develop experiences and services for fans.
In this announcement, Helen Hai, Global Head of Binance NFT says, “YG is one of the most well-known global entertainment corporations in the world. 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.”
Kpop has been at the forefront of the Korean Wave, attracting millions of fans around the globe. The company has expectations that the MoU with Binance will allow YG to more actively extend its growth in the NFT market.
Helen added, “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.”
Binance NFT is a multichain platform that uses the proof of staked authority (PoSA) network, a consensus agreement energy-efficient protocol.
“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," says Bo Kyung Hwang, Chief Executive Officer of YG.
