Binance, the world’s largest crypto exchange, has partnered with YG Entertainment, a top K-pop entertainment agency, to develop non-fungible tokens (NFTs), metaverse and gaming projects, despite fans’ concerns over the potential environmental impact.
- Binance announced Tuesday that it will provide the NFT platform and technology support, while YG will supply the content.
- Helen Hai, Global Head of Binance NFT, said it will work with YG to “create an eco-friendly ecosystem for NFTs.”
- YG is a Kosdaq-listed agency that manages popular K-pop groups such as BIGBANG, BLACKPINK, WINNER and iKON.
- The K-pop industry is actively entering the metaverse race, with competing labels HYBE, SM, JYP and Cube Entertainment announcing related ventures over the past year.
- Binance and YG will also develop games and metaverse projects on the Binance Smart Chain.
Read more: NFTs and music: Is the fan outcry over NFTs’ environmental impact warranted? | Part 4