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Binance and YG Entertainment Enter Strategic Partnership

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Binance, the leading blockchain network, recently announced a strategic partnership with YG Entertainment, the renowned Korean music and entertainment company. Through the partnership, both parties will work together to build new NFT, gaming and Metaverse capabilities for users. Binance has published an official notice on its website to explain the partnership and how the parties will work. The platform will provide technology infrastructure and NFT platform while YG will provide gaming assets and NFT content. Binance is one of the most popular exchanges in Asia. Binance was initially based in China, but later moved its headquarters out of China following the increasing regulation of cryptocurrency by the Chinese government. Check out this full Binance review for an in-depth understanding of how the exchange works. The partnership also sees the organizations develop BSC-based games, Metaverse collaboration, and active efforts to create new unique digital asset prospects for fans. YG manages some of the most famous Kpop stars including BLACKPINK, BIG BANG, iKON, WINNER, TREASURE and AKMU. YG has huge potential to produce digital assets, such as NFTs, by leveraging its intellectual property rights (IP) in various sectors. Non-fungible token (NFT) is a unique digital token that allows artists to share their work in a unique way. By fulfilling more than just a consumer consumption goal for fans, NFT’s success paves the way for a paradigm shift in the music and Kpop industry. Kpop has dominated the Korean Wave and has gained millions of admirers around the world. The MoU with Binance is expected to allow YG to expand its business in the NFT industry more quickly. Binance and YG also want to work together to develop the Metaverse and actively explore other digital asset opportunities to provide fans with unique experiences and services. Bo Kyung Hwang, YG’s Chief Executive Officer, commented on the recent partnership. According to Bo, YG strives to steadily develop an environmentally friendly and innovative NFT ecosystem. A partnership with Binance provides an opportunity for YG to secure new opportunities and royalties for valuable and rare content. YG also hopes that the collaboration will strengthen the bond between artists and fans. Binance NFT’s Global Head, Helen Hai, shared similar thoughts on the partnership. According to Helen, a partnership with YG will certainly add value and global influence for the companies.
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