The largest crypto exchange will be joined by one of the top South Korean record labels to release exclusive K-Pop star NFTs, with plans for gaming projects and the metaverse.
As NFTs gained a huge amount of success over the past couple of months, celebrities played a huge part in propping up their value and demand.
This led to non-fungible tokens essentially having their own "industry", with large companies wanting to get their piece of the pie by releasing their own NFTs.
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With this strategic partnership between Binance and YG, the crypto exchange will be developing NFTs for the South Korean entertainment company. In other words, the crypto exchange will be responsible for the blockchain side of the deal.
According to the official announcement, Binance will have access to the intellectual property of artists who are signed to YG like Blackpink, Big Bang, Winner, and iKon.
Likewise, the partnership highlights the creation of NFTs on an "eco-friendly" and "energy-efficient" ecosystem, which is the Binance NFT Subscription platform, built on the PoSA (Proof-of-Staked-Authority) algorithm that requires fewer gas fees, and ensures fair distribution of rare collectibles.
CEO of YG Bo Kyung Hwang spoke about the collaboration between the two companies, stating:
"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."
Alongside the K-Pop artist-based NFTs, the partnership is set out to create metaverse games on the Binance Smart Chain. Owners of K-Pop NFTs will most likely be able to flaunt their digital items if the plans for the metaverse turn out to be successful.
This isn’t the first time that an entertainment company decided to release NFTs based on artists. In late January of 2022, Warner Music joined up with OneOf to launch non-fungible tokens of artists that are signed to the WMG.
