Blockchain and cryptocurrency infrastructure provider Binance has entered a deal to cooperate with South Korean entertainment player YG Entertainment on digital tokens and gaming.
Under the memorandum of understanding, Binance and YG will collaborate on blockchain projects, including non-fungible tokens (NFTs), with Binance providing the platform and technology infrastructure, while YG supplies content and gaming assets, the company said in a press release Monday.
NFTs are essentially digital trading cards, much like Pokemon cards. They include the use of blockchain technology to track provenance.
Targeting gaming
Binance and YG plan to develop Binance Smart Chain-based games, work on building the Metaverse and seek other digital assets, the press release said.
The “Metaverse” currently has multiple definitions, including a simulated digital environment, a virtual-reality space where users can interact with a both the environment and other users, and/or as a merger of virtual, augmented and physical reality.
Kpop content
YG’s content can come from its intellectual property rights, and as it manages a number of Kpop stars, including Blackpink and iKon, the statement said.
Bo Kyung Hwang, CEO of YG, said in the statement, “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."
