Binance, a worldwide crypto exchange, and YG, a South Korean entertainment organisation, have formed a new partnership to work toward a more sustainable framework for future NFT cooperation.
BLACKPINK, BIG BANG, and WINNER are among the Kpop artists managed by YG. The Memorandum of Understanding (MoU) would purportedly offer Binance access to build digital goods based on the IP (intellectual property) linked with these artists, according to the February 8 statement.
Although the two companies didn’t give any specifics about any upcoming NFT collections, they did say that creating NFTs in an “eco-friendly” manner will be one of their main concerns in the future.
Helen Hai, Binance’s global head of NFTs, stated that the platform will “work closely with YG to create an eco-friendly ecology for NFTs.” She went on to say that the company thinks it’s “critical to promote the usage of sustainable blockchain platforms.” The attitude was echoed by YG CEO Bo Kyung Hwang, who added that the companies intend to “steadily establish an innovative and eco-friendly NFT environment.”
Binance NFT is a multichain platform that runs on the PoSA (Proof of Staked Authority) network, which is a more eco-friendly and energy-efficient consensus agreement system than Bitcoin’s.
The two firms also indicated ambitions to develop Binance Smart Chain-based games and collaborate on constructing Metaverse projects, in addition to planned cooperation in the NFT field. The collaboration isn’t the first time Kpop and Web3 collide. In January, Animal Concerts, a Metaverse event organiser based in the United States, teamed with South Korea’s Klaytn blockchain network.
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