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.