Kpop NFT: Binance-YG Partnership Will Prioritize Sustainability

Global cryptocurrency exchange Binance and South Korean entertainment company YG have struck a new partnership that will see the companies build a more sustainable framework for future NFT collaborations.

YG manages many Kpop stars such as BLACKPINK, BIG BANG, and WINNER. The Feb. 8 announcement reportedly stated that the MOU will allow Binance to develop digital assets based on IP (intellectual property rights) associated with these artists.

Although the two companies did not provide specific details about any upcoming NFT series, they did confirm that creating NFTs in an "environmentally friendly way" will be one of the main focuses of their future collaboration.

Helen Hai, global head of NFT at Binance, said the platform will "work closely with YG to create an eco-friendly ecosystem for NFT." She added that the company believes it is "important to promote the use of a sustainable blockchain platform."

YG CEO Bo Kyung Hwang echoed the same sentiment, adding that the two companies "hope to steadily build an innovative and eco-friendly NFT ecosystem."

Binance NFT is a multi-chain platform that uses the PoSA network, which is a more environmentally friendly and energy-efficient consensus protocol than Bitcoin.

In addition to their upcoming collaboration in the NFT space, the two companies also mentioned plans to develop Binance Smart Chain-based games and collaborate on Metaverse projects.

“Binance will provide the NFT platform and technical infrastructure, while YG will provide NFT content and game assets,” said a statement on the MOU.

This collaboration is not the first collision between Kpop and Web3. Most recently, U.S.-based Metaverse concert organizer Animal Concerts partnered with South Korea’s Klaytn blockchain network in January.

With the goal of bringing Kpop stars to the Metaverse, Animal Concerts will organize virtual concerts and create NFTs and merchandise for some of the top recording artists.

Meanwhile, last November, Animoca Brands announced a partnership with South Korean record label Cube Entertainment to create a "K-pop metaverse."

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