Binance and South Korea's YG Entertainment partner to launch NFTs!

Binance, the largest cryptocurrency exchange, sealed a deal with South Korea's YG Entertainment to launch blockchain projects, including their venture into the NFT space.

Binance, YG Entertainment inks partnership 

Binance, YG Entertainment hope to build an 'eco-friendly' NFT platform

In an issued statement, Binance said the partnership seeks to take advantage of the booming Korean wave, banking on YG's massive network in the field.

Under the deal, Binance will provide the NFT platform and technology infrastructure, while YG will supply NFT content and gaming assets.

NFT stands for a non-fungible token, a digital token that allows artists to share their content in a unique way.

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. We hope that this will support the development of the global blockchain ecosystem, and bring further mainstream adoption of new assets, such as NFTs, to a new user base, said Helen Hai, Global Head of Binance NFT.

YG has been managing world-renowned Kpop stars, including BIG BANG, BLACKPINK, WINNER, iKON, AKMU, and TREASURE.

For YG's part, its chief executive officer Bo Kyung Hwang said the group plans to establish 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, the YG executive said.

What do you guys think?

Source: Binance