Binance and the South Korean entertainment corporation, YG Entertainment, have signed an agreement that enables the two firms to collaborate on blockchain projects that include non-fungible tokens (NFTs). They also plan to develop games that are compatible with the Binance Smart Chain (BSC).
NFTs, Games, and Metaverse Collaborations
Cryptocurrency exchange Binance and YG Entertainment Inc., a South Korean entertainment corporation, recently announced they will cooperate on various blockchain projects and will also collaborate in the NFT space.
Under the terms of the agreement, Binance will provide the NFT platform while YG Entertainment is expected to provide the content and the gaming assets. In addition, a statement released by Binance said the two entities are also planning to develop games that are compatible with the Binance Smart Chain (BSC). They also plan to collaborate on building the metaverse, the statement said.
In remarks following the signing of a memorandum of understanding (MOU), executives from Binance and YG Entertainment praised the partnership.
“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,” explained Bo Kyung Hwang, CEO at YG Entertainment.
In her own remarks, Helen Hai, Global Head of Binance NFT, lauded the importance of the partnership. Hai said:
“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.”
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