Quick take:
- YG will create NFT content and gaming assets for fans of Kpop groups signed to the agency.
- Binance will provide the NFT platform and technology infrastructure.
- Both companies will also develop metaverse experiences for Kpop fans.
YG Entertainment, the multinational entertainment corporation behind some of the world’s biggest Kpop groups like BigBang and BlackPink, has partnered with Binance to release NFTs.
Both companies announced today that they have signed a Memorandum of Understanding to build a strategic partnership.
Under this partnership, YG and Binance will collaborate on various blockchain projects including NFT content and gaming assets while Binance will provide the NFT platform and technology infrastructure.
As the Kpop wave continues sweeping the world, it was only a matter of time before YG leverages on the popularity of some of its biggest Kpop stars to cash in on the NFT craze.
The partnership will also see both companies develop Binance Smart Chain-based games and build a metaverse experience for Kpop fans around the globe.
“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,” said Bo Kyung Hwang, chief executive officer at YG Entertainment.
YG manages a number of world-renowned Kpop groups with loyal fanbases spanning the globe, including Big Bang, Blackpink, Winner, iKon, AKMU, and Treasure. The company’s partnership with Binance is expected to extend its growth in the NFT market.
In January, the Korean government announced a multi-pronged five-year plan for the metaverse as the country seeks to become the fifth-largest metaverse market by 2026. The country said that it will embrace metaverse technology in arts, culture, education, K-pop and tourism.
With YG Entertainment’s global reach of millions of loyal fans, Korea could be on track to achieve its goal of dominating the global metaverse market.
Following the government’s announcement of its metaverse plans, Korean companies have been proving to be worthy players in the industry. The country’s central bank has been experimenting with using its digital currency to purchase NFTs while 3D avatar app Naver Z announced a $100 million creator fund to expand its metaverse offerings.
Recently, Korean gaming giant Netmarble announced its plans to launch metaverse and NFT games.
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