Binance, the world’s largest cryptocurrency trading platform, has inked a strategic partnership deal with YG Entertainment, South Korea’s leading entertainment agency. The newly announced collaboration will reportedly see the two companies work on a wide array of blockchain products and services, including non-fungible tokens (NFTs), blockchain-based gaming, and the metaverse.
Key takeaways:
- “YG has immense potential to develop digital assets, including NFTs, using their intellectual property (IP) rights in a wide range of business fields,” wrote Binance in Tuesday’s blog post. The leading exchange is hoping to combine the rich catalog of YG’s IP with its blockchain expertise to “develop unique experiences and services for fans.”
- YG Entertainment is one of the biggest record and talent agencies in East Asia, managing some of the more popular Kpop stars, including Big Bang, Blackpink, and Winner, to name a few.
- In addition to NFTs, the two firms will join forces when it comes to gaming, in particular to Binance Smart Chain-based products. Binance also wrote that the two companies will “collaborate on building the Metaverse.”
- NFTs and gaming are essential building blocks for the metaverse, a somewhat vaguely defined technological concept that saw tech behemoths, such as Meta and Microsoft, make significant commitments to the space in recent months.
- Helen Hai, Global Head of the NFT department at Binance, and Bo Kyung Hwang, the CEO of YG, agreed that the newly formed collaboration will help both companies strengthen their leading role in their respective business fields.
- “Binance will be working closely with YG to create an eco-friendly ecosystem for NFTs. YG is a global entertainment corporation with global influence, and we believe that it is important to promote the use of sustainable blockchain platforms,” remarked Helen.
- The price of Binance Coin has remained largely unchanged on the news of a strategic partnership. At the time of this writing, BNB is changing hands at $424, up 1.61% for the day.
