Elaine Jean Tech 02.08.2022 13:Feb PM EST

Binance and YG Entertainment Partnership Plans to Create Eco-Friendly NFTs | Kpop NFT 2022

Binance and YG Entertainment are reportedly collaborating in creating Kpop NFTs and games and would also highlight making sustainable NFTs.

With the PoSA network (Proof of Staked Authority), a consensus agreement protocol that is more environmentally friendly and energy-efficient than Bitcoin's, Binance NFT is a multichain platform that operates on the Ethereum blockchain.

Binance reported that to develop a strategic partnership with YG Entertainment, one of South Korea's leading multinational entertainment corporations, Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has announced the signing of a Memorandum Understanding.

YG and Binance have agreed to collaborate on a variety of blockchain projects, including collaborations in the non-fungible tokens (NFT) space, as part of their strategic partnership.

The NFT platform and technology infrastructure will be provided by Binance, while YG will provide NFT content and gaming assets on the platform.

The two companies will work together to develop a more sustainable framework for future NFT collaborations as part of a new partnership between the global cryptocurrency exchange Binance and South Korean entertainment company YG.

Eco-friendly Kpop NFTs By Binance and YG

BIG BANG, iKON, AKMU, TREASURE, BLACKPINK, BIG BANG, and WINNER are some of the most popular Kpop artists that YG Entertainment manages.

According to the announcement made on February 8, the Memorandum of Understanding will reportedly grant Binance access to develop digital assets based on the IP (intellectual property) associated with the artists involved in the partnership.

However, it is important to note that the two companies didn't provide any specific details for any upcoming NFT collections just yet. Although both companies confirm that creating NFTs in an "eco-friendly way" will be one of the primary concerns of their future collaborations.

According to Cointelegraph, Helen Hai, Global Head of Binance NFT, stated that the platform "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."

She then added that the company "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 and YG Partnership

The collaboration between Binance and YG is anticipated to result in positive synergies between the two companies.

Both companies are also looking to develop numerous BSC (Binance Smart Chain)-based games as well on top of the primary focus of NFTs.

With this, fans will be able to immerse themselves in Metaverse along with supporting their favorite Kpop artist.

YG and Binance are also excited to provide avid fans with digital asset opportunities.

FX Empire reported that Bo Kyung Hwang, the Chairman and Chief Executive Officer (CEO) of YG, commented on the announcement stating that they intend to gradually develop an innovative and environmentally friendly NFT ecosystem as a leading Kpop company.

He also then added that "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."

This isn't the first collaboration of a Kpop company and its involvement in Web3.

Last January, Animal Concerts, a Metaverse concert organizer based in the United States, recently announced a partnership with South Korea's Klaytn blockchain network.

As a result of the country's legalization of cryptocurrency ownership, trading, and use in transactions, South Korea is also considered one of the most crypto-positive countries.