Kpop NFTs: Binance and YG to prioritize sustainability

Both companies claimed that creating green NFTs will be among the primary worries for future collaborations.

A new collaboration in between worldwide crypto exchange Binance as well as South Oriental home entertainment firm YG will see both businesses pursue a much more sustainable structure for future NFTs partnerships.

YG handles a variety of notable Kpop celebrities including BLACKPINK, BIG BANG, as well as Champions. The Feb. 8 statement stated the Memorandum of Recognizing (MoU) will apparently give Binance accessibility to create digital assets based upon the IP (copyright) connected with these artists.

Although the two businesses really did not provide any type of specific details for any type of upcoming NFT collections, they did verify that developing NFTs in an “environmentally friendly way” will be one of the primary problems of their future collaborations.

Global Head of Binance NFT Helen Hai stated the system will certainly be working “carefully with YG to create an environmentally friendly ecological community for NFTs.” She included that the business believes “that it is important to promote the use of lasting blockchain systems.”

YG CEO Bo Kyung Hwang shared the view, adding that the companies intend to “continuously build an ingenious as well as eco-friendly NFT ecological community.”

Binance NFT is a multichain system that utilizes the PoSA (Proof of Staked Authority) network, a consensus agreement procedure that is extra eco-friendly and energy-efficient than Bitcoin’s.

As well as upcoming collaborations in the NFT room, both companies also stated plans to create Binance Smart Chain-based video games as well as collaborate on structure Metaverse tasks.

News about the MoU mentioned: “Binance will give the NFT system and also innovation infrastructure while YG will supply NFT material and pc gaming assets.”

The partnership won’t be the very first crash in between Kpop as well as Web3. Most just recently, U.S.-based Metaverse concert organizer Pet Concerts partnered with South Korea’s Klaytn blockchain network in January.

With a goal of bringing Kpop stars to the Metaverse, Pet Concerts will arrange digital shows, along with creating NFTs as well as products for some of its leading recording musicians.

On the other hand, in November last year, Animoca Brands announced it will companion with Korean record label Cube Amusement to build a “K-pop metaverse.”