Binance co-operates with YG Entertainment to boost NFT market

In order to build a more sustainable framework for the NFT market, binance has just established a partnership with YG Entertainment, a leading entertainment company in Korea.

YG Entertainment currently manages a number of highly influential K-pop stars across the ship including BLACKPINK, BIG BANG and WINNER. Under the agreement between the two parties in the Memorandum of Understanding (MoU) issued on February 8, YG will give Binance access to develop ip-based NFT (intellectual property rights) linked to the artists. https://twitter.com/Kpop_Herald/status/1490861289715138564?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1490861289715138564%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fcoin68.com%2Fbinance-hop-tac-yg-entertainment-nft-den-voi-k-pop%2F While neither provided any specifics for any of the upcoming NFT collections, they have confirmed that building environmentally friendly NFT will be one of the top concerns. In addition to upcoming collaborations in the NFT space, the two companies also mentioned plans to develop games based on Binance Smart Chain and metaverse projects. The idea cited in the MoU’s content emphasizes that Binance will provide the NFT platform and technology infrastructure while YG will provide NFT content as well as game creation. This isn’t the first meeting between K-pop and the cryptocurrency space. Most recently, U.S.-based concert organizer Metaverse Animal Concerts partnered with South Korea’s Klaytn blockchain network in January, with the goal of bringing K-pop stars closer to metaverse. Animal Concerts has hosted virtual concerts, as well as created NFT and merchandise for some of the field’s leading recording artists. Meanwhile, in November last year, Animoca Brands announced it would be partnering with South Korean record label Cube Entertainment to build a metaverse world dedicated to K-pop. However, it must be affirmed that the move is a very smart move for Binance, because South Korea has just opened the door to welcoming NFT and metaverse through the failure to include NFT in the cryptocurrency management framework as well as the implementation of a long-term systematic metaverse development plan from the government, With the ambition to make South Korea the 5th largest country in the field by 2026.