K-pop NFT project in work as YG Entertainment partners with Binance.

    Binance, the world’s largest cryptocurrency exchange platform, stated on February 8 that it had signed a Memorandum of Understanding (MoU) with YG Entertainment, a South Korean international entertainment firm.

    The MoU will symbolize a partnership between two companies to expand their impact in the blockchain business, which includes bitcoin, NFTs, and Metaverse, the star of Web 3.0.

    This came as a piece of welcome news for many K-pop fans around the world who have followed artists and groups under YG Entertainment for a long.

    What is YG Entertainment and what this NFT Project entails.

    YG Entertainment is a record label, talent agency, music production, event management, and concert production company. It is also a giant music publishing house in South Korea.

    YG has established itself as a highly acclaimed brand in South Korea. Many world-renowned K-pop singers, such as BIG BANG, AKMU, BLACKPINK, TREASURE, and iKON, thrive under the company.

    As mentioned above, YG Entertainment also hones an assortment of Intellectual Property (IP) rights by having its reach stretch across numerous aspects of the industry.

    The company took to Twitter to announce its partnership with Binance and requested their fans to look forward to their “various trendy attempts,” referring to the NFT project. There are other things included in the MOU that aim at bridging the gap between the artists sponsored by the company and their fans.

    Some of the most famous artists are under the YG Entertainment group.

    Details about the project.

    YG Entertainment, along with Binance, looks forward to expanding in the blockchain sector, and for this, several initiatives will be investigated, developed, and deployed. The conglomerate wants to establish a Metaverse and develop Binance Smart Chain-based gaming platforms.

    It also aims at launching applications and creating an environment where individuals can own and trade digital assets, among other things. Their NFT marketplace will work much like the current platforms, based on the information released by the company as of now.

    Binance will be able to access and utilize these rights in conjunction with YG to generate digital asset-building opportunities. As a result, the companies coming together will be able to provide unique services and experiences for fans and others.

    In a news statement, Helen Hai, Global Head, Binance NFT, talked about the collaboration and acknowledged YG Entertainment’s worldwide base. “YG is one of the world’s most well-known entertainment conglomerates. Both Binance and YG will continue to strive to develop their leadership in their respective industries,” she mentioned.

    What the fans can expect.

    K-pop has emerged as the glamorous side of South Korea in recent times. Various artists and bands enjoy immense fanbases, and these fans love to collect their favorite artists’ products.

    With non-fungible tokens, fans will have a new platform and a way to get tokens of their beloved artists and have complete ownership over them.

    YG is not the first entertainment mogul from South Korea to foray into NFTs. Bighit Entertainment (or HYBE), known for the famous boy band BTS (Bangtan Boys), JYP Entertainment, known for Twice and Stray Kids, and SM Entertainment, have also jumped into the NFT bandwagon previously.

    The future is unpredictable, and not many things can be commented upon, but this collaboration looks like happy news for many.

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