TL;DR Breakdown
- Binance has formed a partnership with South Korean-based YG Entertainment to launch blockchain projects.
- YG Entertainment would take part in developing gaming assets and NFT content.
- The exchange will provide the technical infrastructure and NFT platform.
The leading cryptocurrency exchange Binance and the South Korean entertainment corporation, YG Entertainment, have signed an agreement that will enable the two firms to collaboratively explore several blockchain opportunities. These include non-fungible tokens (NFTs), metaverse, and games, according to the announcement on Thursday.
NFTs, metaverse, and gaming on BSC
Under the agreement, YG Entertainment will provide gaming assets and NFT contents, while the crypto will provide the NFT platform and other technology infrastructure needed to develop their NFTs, metaverse, and games compatible with the Binance Smart Chain.
Additionally, Binance and YG Entertainment will collaborate on projects that involve digital content. This may include music, movies, and online dramas. The companies will also work together to build a community for the exchange based out of South Korea.
Currently, there is no apparent link between the crypto exchange and YG Entertainment that suggests they have been in collaboration for several years prior to the MoU. However, there is a high likelihood of synergies developing in the coming months. For instance, the exchange’s native token (BNB) may be used on YG Entertainment’s online platform.
Binance scores more partnerships
Speaking on the development, Bo Kyung Hwang, the CEO of YG Entertainment, noted that they plan to develop an eco-friendly and innovative NFT ecosystem. Binance official Helen Hai seconded the remarks, adding that through the partnership, there will be development in the global blockchain and the metaverse ecosystem as well as innovation of new digital assets such as NFTs.
Binance has seen major partnerships early this year in promoting its popularity. On January 25, the exchange entered into a sponsorship contract with Argentina’s national football team. Binance is moving to expand its market popularity even as it currently has the leading cryptocurrency trading platform.
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