Yahoo Finance Binance To Produce K-Pop NFTs and Games in Collaboration With YG
Sports, music, and movies are the 3 biggest mediums of entertainment all around the globe. Thus when the NFT hype began picking up steam it was only a matter of when and not if for these mediums to become a part of the NFT space.
Unsurprisingly, one of the biggest multinational entertainment corporations is now joining hands with one of the world’s biggest blockchain ecosystems.
Binance x YG
In an announcement yesterday, Binance revealed that they signed an MoU (Memorandum of Understanding) with YG Entertainment Inc. on a range of blockchain-based products.
While NFTs are obviously their main focus with this, the companies are also planning on developing multiple BSC (Binance Smart Chain) based games as well.
Additionally, the development of unique experiences in the Metaverse and other digital asset opportunities will also be provided to the fans.
The Chief Executive Officer (CEO) of YG, Bo Kyung Hwang commented on the announcement,
“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.”
YG is known for being at the forefront of K-Pop as it manages some of the biggest names of the South Korean entertainment industry. BlackPink, Big Bang, iKon, etc. all fall under its management. Thus, using their intellectual property, the firm aims on creating NFTs and other digital assets.
The global head of Binance NFT, Helen Hai also stated,
“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.”
Crypto in South Korea
South Korea has been one of the most crypto-positive countries as ownership, trading, as well as the use of cryptocurrency for transactions, are allowed in the country.
Recent regulatory updates only mandated all crypto businesses to register with the Korean financial regulators before engaging in any crypto-specific activity.
Plus with NFTs clocking in almost $5 billion worth of sales last month and $1.2 billion worth of NFT sales in just the last 8 days of February, it is apparent that this space has much more potential, which corporations such as YG do not intend on missing out on.
This article was originally posted on FX Empire
