YG Entertainment Partners with Binance to Venture in NFTs
KPOP label YG Entertainment, the agency behind groups such as Black Pink and Big Bang, announced on Tuesday, February 8, that it has established a strategic partnership with global cryptocurrency and digital assets exchange Binance. The collaboration will allow the entertainment firm to venture into the non-fungible token (NFT) space.
“We plan on venturing into virtual assets, blockchains, and NFTs in partnership with Binance in 2022. Binance will manage the exchange platform and technology, and YG Entertainment will provide various content,” YG Entertainment said.
The companies didn’t provide any specific details for any upcoming NFT collections but according to their memorandum of understanding (MoU), YG will give Binance access to develop digital assets based on the intellectual property associated with the company’s artists.
Moreover, YG and Binance confirmed that creating NFTs in an “eco-friendly way” will be one of the primary concerns of their future collaborations.
YG CEO Bo Kyung Hwang said that the companies hope to “steadily build an innovative and eco-friendly NFT ecosystem.”
Binance global head for NFT Helen Hai, also noted that the platform will be working “closely with YG to create an eco-friendly ecosystem for NFTs.” Hai emphasized that the company believes “that it is important to promote the use of sustainable blockchain platforms.”
Further, aside from venturing into the NFT space, YG and Binance also mentioned plans to develop Binance Smart Chain-based games and collaborate on building metaverse projects.
“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,” YG CEO Hwang Bo-kyung added.
YG Entertainment is not the first KPOP label to venture into NFTs, in fact last November, Hybe, the powerhouse behind the popular boy band BTS, partnered with South Korea’s top cryptocurrency exchange operator Dunamu to invest and venture in NFTs as well. (Read more: BTS NFTs Coming Soon Thanks to Agency Collab with Korean Crypto Exchange)
This article is published on BitPinas: YG Entertainment Partners with Binance to Venture in NFTs