Binance, the world’s largest cryptocurrency exchange platform, said on February 8 that it has inked a Memorandum of Understanding (MoU) with YG Entertainment, a South Korean international entertainment firm. The MoU will symbolize a partnership between two companies to expand their impact in the blockchain business, which includes bitcoin, NFTs, and Metaverse, the star of Web 3.0.

In the blockchain area, several initiatives will be investigated, developed, and deployed. The conglomerate wants to establish a Metaverse, develop Binance Smart Chain-based gaming platforms and applications, and create an environment where individuals can own and trade digital assets, among other things.

Many world-renowned K-pop singers, such as BIG BANG, AKMU, BLACKPINK, TREASURE, and iKON, thrive under the umbrella of YG Entertainment. YG Entertainment also hones an assortment of Intellectual Property (IP) rights by having its tentacles stretch across numerous aspects of the industry, including record labels, event management, and music publishing.

Binance will be able to access and utilize these rights in conjunction with YG to generate digital asset-building opportunities. As a result, the companies coming together will be able to provide unique services and experiences for fans and others. “YG is one of the world’s most well-known entertainment conglomerates. In a news statement, Helen Hai, Global Head, Binance NFT, said, “Both Binance and YG will continue to strive to develop their leadership in their respective industries.”

The Korean wave is being steered by K-pop in many countries throughout the world. The wave will become more substantial as Binance and YG collaborate, allowing YG to expand its growth in the NFT industry. “As a K-pop powerhouse, we intend to steadily establish an inventive and environmentally conscious NFT ecosystem.” “YG’s collaboration with Binance has allowed us to obtain royalties and economic prospects for rare and valuable material,” stated YG CEO Bo Kyung Hwang.