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| ▲ This photo, provided by YG Entertainment, shows YG Entertainment and Binance. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL, Feb. 8(Yonhap) -- YG Entertainment has established a strategic partnership with Binance, the world's largest cryptocurrency exchange platform, to launch a non-fungible token(NFT) business.
YG Entertainment announced on Feb. 8 that it has signed a memorandum of understanding (MOU) with Binance for strategic partnerships.
Under the agreement, the two companies will collaborate on projects regarding cryptocurrency, blockchain, and NFT businesses in the future. Binance provides platforms and technology infrastructure while YG supplies contents.
YG believes that its partnership with Binance will create a great synergy in the K-pop industry.
YG explained, "There are possibilities of applying cryptocurrency, which utilizes intellectual property(IP) of top artists who receive global attention, such as BIGBANG and BLACKPINK, to diverse businesses and developing it.
It added, "Binance is also expected to gain advantages in the process of targeting the global market and expanding its business in collaboration with YG as the influence of the Korean wave is expanding due to K-pop.
The two companies plan to pursue the value of eco-friendliness and maximizing energy efficiency in the NFT business.
Hwang Bo-kyung, the CEO of YG Entertainment, emphasized, "This partnership has provided an opportunity to secure royalty and business opportunities of rare content and further strengthen the bond between fans and artists."
Helen Hai, who manages the NFT business at Binance, also mentioned, "As we have established partnerships with YG Entertainment, an agency that holds a global influence, we will focus on creating an eco-friendly ecosystem for NFT.”
NFT is a digital asset that provides an intrinsic value to contents with blockchain technology, and it gives the ownership to buyers by making it impossible to duplicate various contents. As it became a trend for the next generation, major entertainment agencies, including HYBE, have entered the related markets.
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