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Binance Partners With K-Pop Leader To Work To Create Eco-Friendly NFTs

The world’s largest cryptocurrency exchange, Binance, has signed a Memorandum of Understanding (MoU) in an effort to develop a strategic partnership with prominent South Korean multinational entertainment company – YG Entertainment Inc. (YG). Binance – YG’s Strategic Partnership According to the official blog post, the two companies will collaborate on a large number of blockchain projects. The partnership will focus on the non-fungible tokens space, in which Binance will provide the NFT platform and required infrastructure related to technology. YG, on the other hand, will be tasked with providing NFT content and game assets. For the uninitiated, YG curates several popular K-pop stars such as BIG BANG, BLACKPINK, WINNER, iKON, AKMU, and TREASURE. As part of the strategic partnership, the two companies also plan to build Binance Smart Chain-based games. Collaborating on Metaverse, as well as actively pursuing various digital asset opportunities to provide unique experiences and services to fans, are some of the goals Binance and YG want to achieve in the future. With climate controversy swirling through the space, the cryptocurrency exchange will work closely with YG to create an eco-friendly ecosystem for NFTs. This was revealed by Helen Hai, Global Head of Binance NFT, who also emphasized work on developing the global blockchain ecosystem and advancing mainstream adoption of new assets, such as NFTs, for a new user base. Commenting on the development, Bo Kyung Hwang, Chief Executive of YG said: “As a Kpop leader, we intend to steadily build an innovative and eco-friendly NFT ecosystem. The partnership with Binance has provided YG with the opportunity to collect royalties and secure business opportunities for rare and valuable content, and we also hope it can further strengthen the bond between fans and artists.” K-Pop and NFT Hype YG is a major player in the K-Pop industry, the MoU with Binance is expected to enable the Korean giant to further expand the NFT space.The latest news comes on the heels of a domestically developed cryptocurrency exchange, Upbit is facing significant backlash after announcing the release of NFTs featuring stars like BTS, which did not sit well with the environmentally conscious fans of the K-Pop band who waged wars online with hashtags like “#ARMYsAgainstNFT” and “#BoycottHybeNFT” on the microblogging website Twitter. As a result, the platform had clarified that it must use “low-carbon, eco-friendly” technology to mint the NFTs. Despite a tidal wave of opposition to NFTs, the ruling party of the country not to denounce the environmental footprint of the sector In fact, the Democratic Party of Korea (DPK) plans to launch NFTS or fundraising in presidential elections singing. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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