YG Enters NFT Business with Binance
[OSEN=지민경 기자] YG Entertainment will join hands with Binance, the world’s largest virtual asset exchange and blockchain infrastructure provider, to expand it’s business into a new area including NFT.
YG Entertainment said on the 8th that they signed a memorandum of understanding (MOU) with Binance for strategic partnership.
As a result, the two companies plan on cooperate in carrying out various virtual assets, blockchain, and NFT business-related projects in the upcoming future. Binance will be providing platforms and technology infrastructure, while YG will be providing the content.
The two also plans on developing Binance games based on smart chain, and actively review various digital asset solutions such as metaverse to provide a new fan experience service.
The NFT marketplace which is showing explosive growth along with the rise of metaverse, is said to be the ultimate match with the K-POP industry as artists share a strong bond with their fans.
NFT is a blockchain-based digital token which has it’s own characteristics and uniqueness which can’t be forged or reproduced. Contents by artists released in the form of NFT will go beyond simple consumption and can be assetized, drawing attention as a new business model which can change the existing music industry paradigm.
Expectations are rising on how much positive synergy the two company will bring. YG has world-renowned artists such as BIGBANG, BLACKPINK, WINNER, iKON, AKMU, TREASURE, and SECHSKIES. YG has more than enough potential to develop virtual assets through their intellectual property rights and apply it to a wide range of business fields.
Binance is a place of opportunity to lead the NFT marketplace through ‘culture’ which knows no boundaries of language. As the influence of the Korean wave is growing day by day led by K-POP, Binance is expected to assist the group in targeting te global market and expanding their scope of business.
Binance’s NFT is a blockchain platform which utilizes PoSA(Proof of Staked Authority) network, which is an eco-friendly and energy-efficient consensus protocol. The NFT created through the collaboration between YG and Binance is also expected to focus on this aspect.
YG Entertainment CEO Hwang Bo-kyung said “We will continuously build an eco-friendly innovative model that suits our title of being a K-POP leader”. She then added “With the cooperation of Binance, we now have a chance to further strengthen the bond between our artists and fans along with securing a business opportunity and royalties for rare valuable content”.
Helen Hai, the Global Head of Binance NFT said “We will work even harder to create an eco-friendly ecosystem for NFT as we have now joined hands with major entertainment company YG which has enormous global influence”. She then added “We will form a strong cooperation and show great leadership in our respective fields”.
2022. 2. 9.
