Cryptocurrency exchange Binance has announced a partnership with South Korean company YG Entertainment to develop NFTs and gaming projects based on the Binance Smart Chain blockchain.
The Binance marketplace announced on its blog that it has signed a formal partnership agreement with label YG Entertainment (YG). YG has collaborated with famous South Korean music groups Big Bang, Akdong Musician, Winner, iKON, BLACKPINK, and TREASURE. Most of the label’s artists work in the K-pop genre.
As part of the partnership, Binance will provide YG with its technological infrastructure to create blockchain-based games to inject metaverse elements and non-fungible tokens into them.
Binance believes that YG has great potential to create digital assets, holding intellectual property rights in a wide variety of areas. The introduction of NFT will bring major changes to the Korean pop industry, the partners expect. With the help of the Binance NFT platform, which uses the Proof of Staked Authority (PoSA) consensus mechanism, collectible tokens will be created in an environmentally friendly way, representatives of the exchange emphasized.
YG CEO Bo Kyung Hwang hopes that content creation will further strengthen the bond between music artists and fans. Binance NFT CEO Helen Hai is confident that the partnership between Binance and YG will advance the development of the blockchain.
Last year, Binance was forced to stop trading in Korean Won pairs and restrict other services for South Korean citizens due to tightened requirements from local regulators.
