Binance Pens MoU With South Korea's YG Entertainment to Develop NFTs

Binance, one of the world’s leading blockchain ecosystems as well as a cryptocurrency infrastructure provider, has announced the signing of a memorandum of understanding (MoU) for a strategic partnership with one of South Korea’s leading multinational entertainment corporations — YG Entertainment (YG). Binance and YG will cooperate on a range of blockchain projects, including collaborations in the non-fungible token (NFT) space. Binance will provide NFT platform and technology infrastructure while YG takes over the mantle of supplying 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 as well as services for fans.

A number of well-known K-pop stars are currently managed by YG, including Big Bang, Blackpink, Winner, iKon, AKMU, and Treasure. YG, thus has the potential to develop a wide range of digital assets, including NFTs, using intellectual property (IP) rights in a wide range of business fields.

K-pop, short for Korean Pop, has been at the forefront of the Korean wave, attracting millions of fans around the globe and it is expected that the MoU with Binance will allow YG to more actively extend its growth in the NFT market.

“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,” Bo Kyung Hwang, Chief Executive Officer (CEO) at YG said in a blog post published by Binance announcing the MoU.

Helen Hai, Global Head of Binance NFT, meanwhile, said, “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.”

“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.

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