You read it right: Binance has announced a partnership with YG Entertainment, Korean entertainment powerhouse, to produce some blockchain projects currently in the pipeline. This will very likely be centered around the development of NFT content and possibly games in the future.
As expected, Binance will be providing blockchain expertise here. That includes anything technical, the platforms, how to monetize cryptocurrency assets, and the overall technology infrastructure. This will serve as the foundation for the future of this collaboration.
BLACKPINK, a group under YG Entertainment
At the opposite spectrum of Binance, YG Entertainment will be doing what they do best: create content. They’ll be in charge of making the art on the NFTs so that these will be desirable to the public. Considering the popular talents they have onboard (BLACKPINK, BIG BANG, TREASURE, etc.) this shouldn’t be too hard of a task.
Quoted from the same article, YG CEO Bo Kyung Hwang was quoted to say: “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.”
Helen Hai, Global Head of Binance NFT, added: “YG is one of the most well-known global entertainment corporations in the world. Both Binance and YG will strive to further build their leadership in their respective fields. Now that the two companies have joined forces, we can expect to see a strong cooperative relationship being forged. We hope that this will support the development of the global blockchain ecosystem, and bring further mainstream adoption of new assets, such as NFTs, to a new user base.”
She further went on to mention that they were looking for eco-friendly ways to go about it, considering that one of the biggest issues the public has with crypto and NFTs is its environmental impact.
We’re looking forward to see what kind of content they come up with. The IreneDAO collection on OpenSea, based on Red Velvet star Irene, is going for a floor price of 1.2 ETH (approx. 3,736 USD) as of now. We’ve also seen a boom in the K-Pop space with tens of millions of hardcore fans worldwide collecting merchandise such as albums, posters, and most importantly – photocards.
While there is no guarantee that the success of physical merchandise will translate to equal popularity in the NFT space, we all probably personally know people who would go to great lengths so support their favorite artists and groups. As such, ownership of an NFT isn’t out of the question, especially when it is currently easier than ever to get into cryptocurrency in the first place. This is what Binance is probably aiming for in this partnership; to be the mainstream consumer’s gateway to crypto.