YG Leisure joins NFT enterprise in partnership with Binance

YG Leisure Inc., the label behind Okay-pop stars Blackpink and Psy, has partnered with Binance, the world’s largest cryptocurrency trade, to make use of non-fungible tokens (NFTs) and blockchain on its Star Entertainers.

As a part of the strategic partnership, YG Leisure and Binance will collaborate on varied digital asset and blockchain technology-based companies, with the Okay-pop star company contributing content material and the crypto dealer offering the technical infrastructure. YG Leisure introduced on Tuesday that the 2 companions have signed a memorandum of understanding for collaboration.

The companions will even search to develop video games primarily based on Binance’s Good Chain blockchain community, in addition to a lot of different digital asset options, together with Metaverse, to develop experiences and providers for followers. Binance’s Good Chain is alleged to be extra environmentally pleasant than present blockchain networks because of its use of a proof-of-stake-of-authority consensus algorithm mannequin, which helps shorter block occasions and decrease prices than conventional fashions. .

As well as, YG Leisure goals to leverage NFTs, that are rising as the brand new possession mannequin for digital arts, to maneuver past the normal leisure enterprise. Within the music trade, NFTs are used to authenticate unique possession of a novel musical work that may be traded with others.

“As a KPOP chief, we plan to repeatedly construct an progressive and eco-friendly NFT ecosystem. The collaboration with Binance provides YG the chance to safe royalties and enterprise alternatives for uncommon and useful content material We additionally hope to additional strengthen the bond between followers and artists,” stated Bo Kyung Hwang, CEO of YG Leisure.

As of 1:20 p.m. in Seoul, shares of YG Leisure have been up 4 p.c to 57,300 received ($47.85) on Tuesday.

by Cho Jihyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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