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Binance Enters a Strategic Partnership with YG Entertainment

Leading crypto exchange Binance has teamed up with YG Entertainment, a leading South Korean multinational corporation. The exchange unveiled this news through a blog post earlier today. This partnership will see YG and Binance work on an array of blockchain projects, including NFTs.

According to the blog post, Binance will provide the NFT platform and technology infrastructure. On the other end, YG will supply NFT content and gaming assets. The two companies are also looking to develop Binance Smart Chain-based games. Additionally, they intend to build the metaverse and embrace digital asset opportunities that offer fans unique experiences and services.

Commenting on this partnership, Helen Hai, the Global Head of Binance NFT, said,

YG is one of the most well-known global entertainment corporations in the world. Both Binance and YG will strive to further build their leadership in their respective fields. Now that the two companies have joined forces, we can expect to see a strong cooperative relationship being forged.

She added that both firms expect this collaboration to underpin the development of the global blockchain ecosystem. On top of this, the companies hope this partnership will foster further NFT adoption.

Creating NFTs in an Eco-Friendly Way

At the moment, YG manages several K-pop stars. These include BIG BANG, BLACKPINK, WINNER, iKON, AKMU, and TREASURE. To this end, the two companies believe they can create powerful synergies that bank on YG’s intellectual property rights.

Bo Kyung Hwang, the Chief Executive Officer (CEO) at YG, said,

As a Kpop leader, we plan to steadily build an innovative and eco-friendly NFT ecosystem. Collaboration with Binance has provided an opportunity for YG to secure royalties and business opportunities for rare and valuable content. We also hope that it could further strengthen the bond between fans and artists.

By leveraging the Binance NFT platform, both companies hope to create digital collectibles in an eco-friendly manner. The platform uses a Proof of Staked Authority (PoSA) consensus mechanism that is more energy-efficient than Bitcoin.

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Helen pointed out that YG’s global influence would be monumental in promoting the adoption of sustainable blockchain platforms.

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