Binance and K-pop to create eco-friendly NFTs

Both companies will work together on a wide range of blockchain-related projects, as stated in the official blog post. Specifically, the partnership will be focused on the non-fungible tokens space. Where Binance will offer the necessary tech infrastructure and NFT platform. The NFT will be provided by YG, while the YG Gaming Network will provide the NFT content and gaming assets. In case you aren’t aware, YG manages a number of popular K-pop stars. Including BIG BANG, BLACKPINK, WINNER, iKON, AKMU, and TREASURE.

In addition to developing Binance Smart Chain games, the two companies plan to build strategic partnerships. Together, Binance and YG hope to create unique fan experiences and services. Metaverse by actively investing in various digital assets in the future.

The cryptocurrency exchange will collaborate with YG to build an eco-friendly ecosystem around NFTs in spite of controversy swirling around the industry. The announcement was made by Helen Hai, Global Head of the Binance NFT, who noted that the company is also working on fostering mainstream adoption of new assets, such as NFTs, to a new user base.

As a result of the developments, YG Chief Executive Bo Kyung Hwang said: “As a Kpop leader, we plan to steadily build 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.”

Hype About K-Pop And NFT

K-Pop industry leader YG is extremely influential. Binance and Samsung have inked a Memorandum of Understanding that will allow the Korean giant to expand its NFT business. Recently, a cryptocurrency exchange, Upbit, received significant backlash after releasing NFTs that featured stars like BTS. On Twitter, environmental-conscious fans of the band waged online wars with hashtags including #ARMYsAgainstNFT and #BoycottHybeNFT. Consequently, the platform clarified the use of “low carbon, eco-friendly” technology for minting NFTs.

Although there has been a groundswell of opposition to NFTs, the country’s ruling party appears to be overlooking the sector’s carbon footprint. Accordingly, the Democratic Party of Korea (DPK) intends to launch an NFTS or fundraising campaign during the presidential campaign.

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