A new partnership between global crypto exchange Binance and South Korean entertainment company YG will see the two companies strive for a more sustainable framework for future nonfungible token (NFT) collaborations.
YG manages a number of notable K-pop stars including Blackpink, Big Bang and Winner. The Tuesday announcement states that the memorandum of understanding (MoU) will reportedly give Binance access to develop digital assets based on the intellectual property associated with these artists.
Although the two companies didn’t provide any specific details for any upcoming NFT collections, they did confirm that creating NFTs in an “eco-friendly way” will be one of the primary concerns of their future collaborations.
Helen Hai, global head of Binance NFT, said the platform will be working “closely with YG to create an eco-friendly ecosystem for NFTs.” She added that the company believes “that it is important to promote the use of sustainable blockchain platforms.”
YG CEO Bo Kyung Hwang shared the sentiment, adding that the companies hope to “steadily build an innovative and eco-friendly NFT ecosystem.”
Binance NFT is a multichain platform that uses a proof-of-staked-authority consensus protocol that is more eco-friendly and energy-efficient than Bitcoin’s (BTC) proof-of-work protocol.
As well as upcoming collaborations in the NFT space, the two companies also mentioned plans to develop Binance Smart Chain-based games and collaborate on building metaverse projects.
An announcement about the MoU states: “Binance will provide the NFT platform and technology infrastructure while YG will supply NFT content and gaming assets.”
The partnership won’t be the first collision between K-pop and Web3. Most recently, United States-based metaverse concert organizer Animal Concerts partnered with South Korea’s Klaytn blockchain network in January.
With a goal of bringing K-pop stars to the metaverse, Animal Concerts will organize virtual concerts, as well as create NFTs and merchandise for some of its top recording artists.
Meanwhile, in November 2021, Animoca Brands announced it would partner with Korean record label Cube Entertainment to build a “K-pop metaverse.”