Binance and the record label behind K-Pop sensation Blackpink will work on creating eco-friendly NFTs
Cryptoexchange Binancesaid it will collaborate on blockchainprojects with South Korea's YG Entertainment.
- Binance said NFTs will be created under an eco-friendly system, a move addressing environmental concerns.
- YG's artists include the popular
K-Popgroups Blackpinkand Big Bang.
Binance, the world's largest cryptocurrency exchange, will collaborate on blockchain projects with YG Entertainment, the South Korean K-Pop record label behind Blackpink, Big Bang, and other popular artists, the company said late Monday.
The strategic partnership will include non-fungible tokens, or NFTs, which Binance said will be developed with sustainability in mind, a move that underscores environmental concerns usually associated with
"Binance will be working closely with YG to create an eco-friendly ecosystem for NFTs. YG is a global entertainment corporation with global influence, and we believe that it is important to promote the use of sustainable blockchain platforms," Binance said in a statement outlining its memorandum of understanding with YG. Financial details of the partnership were not included.
Binance will provide the
The Binance NFT platform uses the PoSA, or Proof of Staked Authority, network, which Binance said is a consensus agreement protocol that is more eco-friendly and energy-efficient than bitcoin. "Creating NFTs in an eco-friendly way is one of the considerations that Binance and YG emphasize during the collaboration," said Binance.
Grammy-nominated K-Pop boy band BTS in December moved ahead with plans to produce NFTs despite immense public backlash because of environmental concerns. "We believe NFTs have the potential for expansion and hope they will provide fans with more varied experiences and opportunities to express themselves," John Kim, project lead of HybeAmerica that oversees the NFT business, told The Wall Street Journal.
Binance and YG also plan to develop Binance Smart Chain-based games, build metaverse assets, and "actively pursue" various digital asset opportunities.
YG has "immense potential" to develop digital assets using their intellectual property rights, said the statement.
Blackpink and BTS are part of the so-called Korean Wave of mega-growth in the popularity of Korean entertainment and culture. Blackpink's "How You Like That" dance video this week surpassed 1 billion views on YouTube, according to Billboard, the sixth Blackpink video to reach that high mark.
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