Binance and K-Pop Leader YG entertainment partners to launch eco-friendly NFTs

The Binance and YG entertainment partnership will work on a variety of blockchain initiatives including metaverse, gaming potential, and also the development of environmentally friendly NFTs.
Binance and K-Pop Leader YG entertainment partners to launch eco-friendly NFTs

Binance, the world’s largest cryptocurrency exchange, has inked a Memorandum of Understanding (MoU) with major South Korean international entertainment firm YG Entertainment Inc. in order to build a strategic collaboration (YG).

Binance and YG have formed a strategic partnership.

The two organizations will collaborate on a variety of blockchain projects, according to the official blog post. The partnership will focus on the non-fungible tokens area, with Binance providing the NFT platform as well as the necessary technical infrastructure. On the other hand, YG will be in charge of providing NFT material as well as gaming assets.

For the uninformed, YG is the management company for BIG BANG, BLACKPINK, WINNER, iKON, AKMU, and TREASURE, among others.

The two companies also plan to develop Binance Smart Chain-based games as part of their strategic relationship. Binance and YG plan to collaborate on Metaverse in the future, as well as actively pursue various digital asset prospects to provide unique experiences and services for fans.

With the climate debate raging, the cryptocurrency exchange will collaborate with YG to develop an eco-friendly habitat for NFTs.

Helen Hai, Binance NFT’s Global Head, stated this, as well as the company’s efforts to grow the global blockchain ecosystem and promote mainstream acceptance of new assets, such as NFTs, to a new user base.

Bo Kyung Hwang, YG’s Chief Executive, commented on the development.

“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.”

NFT And K-Pop In the K-Pop industry, YG is a major figure. The MoU with Binance is likely to allow the Korean behemoth to expand its NFT footprint even further.

The newest news comes after Upbit, a local cryptocurrency exchange, received widespread criticism after announcing the release of NFTs featuring celebrities such as BTS.

This did not sit well with the K-Pop band’s ecologically aware fans, who launched online battles using hashtags like “#ARMYsAgainstNFT” and “#BoycottHybeNFT” on the microblogging website Twitter. As a result, the platform stated that it would mint the NFTs using “low carbon, eco-friendly” technology.

Despite widespread opposition to NFTs, the country’s ruling party appears to be unconcerned about the sector’s carbon footprint. In fact, the Democratic Party of Korea (DPK) intends to use NFTS or fundraising to campaign for a presidential election.