cryptoknowmics.com
Binance, the world’s leading cryptocurrency exchange has announced a strategic partnership with YG Entertainment Inc, the leading K-pop talent management company to collaborate on 'eco-friendly' NFT projects. Under the partnership, Binance will provide the technology infrastructure, while YG will provide the creative content. In addition to NFTs, the two companies also plan to expand into the metaverse while creating Binance Smart Chain-based games. YG Entertainment is the management company behind K-pop stars such as BLACKPINK, BIGBANG, WINNER, iKON, AKMU and Treasure. The deal has opened the way for Binance to develop digital assets based on the intellectual property (IP) associated with these artists.
“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,” YG CEO Hwang Bo-kyung said in the announcement release.
Binance NFT is a multichain platform that uses the Proof of Staked Authority network, a consensus agreement protocol that's more eco-friendly and energy-efficient than Bitcoin. In fact, creating NFTs in an 'eco-friendly way' was one of the primary concerns regarding the partnership.