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YG Entertainment, a South Korean company that houses a number of world-famous Kpop stars, including Black Pink, Big Bang, and Winner, has officially jumped into the world of non-fungible token or NFT. The agency just announced it has partnered with Binance for blockchain-related projects and transactions.
According to Pulse News, YG Entertainment’s strategic partnership with the world’s largest cryptocurrency exchange will allow it to engage in different virtual asset and blockchain-based businesses. Under the deal, the Kpop agency will be delivering content, and Binance will be providing technical infrastructure for it. Based on the announcement, YG Entertainment and Binance signed the Memorandum of Understanding (MOU) for their collaboration on Tuesday, Feb. 8.
It was mentioned that the two companies will also be exploring game development on Binance’s Smart Chain blockchain network. They will be working on the creation of digital asset solutions as well, and this will include the Metaverse to offer better experiences for Kpop fans around the world.
With the plans with Binance, YG Entertainment will be able to bring its Kpop artists to the Metaverse, and it will be easier to organize virtual concerts now. They will also dive into the creation of NFTs and other digital merchandise for the artists and fans. There will definitely be NFTs related to art, music, and more - all of which can be traded.
“As a Kpop leader, we plan to steadily build an innovative and eco-friendly NFT ecosystem,” YG Entertainment’s chief executive officer, Bo Kyung Hwang, said in a press release. “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.”
Similarly, Helen Hai, Binance NFT’s global head, further said, “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.”
Meanwhile, YG Entertainment’s stock reportedly climbed four percent to ₩57,300 or around $47.85 after the report of team up with Binance came out.
