Sports, music and movies are the top 3 entertainment media in the world. So when the NFT hype started to take hold, it was just a question of when and not if, but soon these media would become a part of the NFT space.
Unsurprisingly, one of the largest entertainment multinationals is now joining efforts with one of the largest blockchain ecosystems in the world.
Binance x YG
In an announcement published a couple of days ago, Binance revealed that it has signed a MoU (Memorandum of Understanding) with YG Entertainment Inc. on a number of blockchain-based products.
While NFTs are obviously their main focus, companies are also planning to develop more BSC (Binance Smart Chain) games.
In addition, the development of unique experiences in the Metaverse and other digital asset opportunities will be provided to fans.
YG CEO and CEO Bo Kyung Hwang commented on the announcement with these words:
“As the leader of the Kpop, we intend to constantly build an innovative and ecological NFT ecosystem. The partnership with Binance provided an opportunity for YG to secure royalties and business opportunities for rare and valuable content. We also hope that it will further strengthen the bond between fans and artists ”.
YG is known for being at the forefront of K-Pop as it runs some of the biggest names in the South Korean entertainment industry. BlackPink, Big Bang, iKon, etc. they are all under his management. Hence, using their intellectual property, the company aims to create NFTs and other digital assets.
Binance NFT Global Head Helen Hai said:
“Now that the two companies have joined forces, we can expect to see a strong cooperative relationship. We hope this will support the development of the global blockchain ecosystem, and lead to further mainstream adoption of new assets, such as NFTs, to a new user base. "
Crypto in South Korea
South Korea has been one of the most crypto-positive countries as ownership, trading, as well as the use of cryptocurrencies for transactions are permitted in the country.
Recent regulatory updates have only forced all cryptocurrency firms to register with Korean financial regulators before engaging in any cryptocurrency-specific business.
Furthermore, with NFTs having nearly $ 5 billion in sales last month and $ 1,2 billion in NFT sales in the last 8 days of February alone, it's clear that this space has far more potential than companies. like YG do not intend to lose.