Binance and YG Entertainment on Metaverse

A platform for the exchange of cryptocurrencies Binance and YG Entertainment Inc., a South Korean entertainment company, recently announced that they would be working together on different Blockchain and Metaverse related projects. They will also work together on the NFT area.

Binance and YG Entertainment Agreement

As per the agreement, Binance will be the provider of the NFT platform, and YG Entertainment is expected to provide assets and game content.

Additionally, the announcement published by Binance said that the two companies intend to create games compatible with Binance Smart Chain (BSC). The announcement stated that they also intend to work together to develop the metaverse.

In his remarks after signing the memorandum understanding (MOU), the executives of Binance and YG Entertainment praised the partnership.

“As a Kpop leader, we’re planning to keep building an eco-friendly and innovative NFT ecosystem. Collaboration with Binance has offered YG the chance to earn royalties and commercial opportunities to sell rare and valuable material. We also want to increase the connection between fans and artists.” stated YG Entertainment CEO Bo Kyung Hwang. Quoted by Bitcoin.com on Saturday (12/2/2022).

In her remarks, the global head of Binance NFT, Helen Hai, spoke highly of the relationship between the two sides.

“Now, since the two businesses have joined forces, it is likely that we will witness a strong partnership formed. We’re hoping this will help the growth of the global Blockchain ecosystem and help bring more widespread acceptance of the new assets, like NFT, to a brand new set of users,” said Hai.

Alibaba launched the NFT Collection for the Winter Olympics

Binance and YG Entertainment

Before that, Chinese e-commerce giant Alibaba celebrated all four sports in 2022’s Winter Olympics with the debut of its Non-Fungible Token (NFT) collection.

The report comes from Coin Rivet, Saturday 12 February 2022. The NFT collection was made as a badge displaying the four sports, namely speed skating and ski-freestyle in the air downhill style, and scenic skating. All of them are designed using the classic Chinese design style.

Alibaba’s initial NFT collection of badges contains 8888 badges available for purchase through Alibaba’s Taobao and Tmall online marketplaces until 20 February following the winter Olympics end date.

The first NFT that featured speed skating along the line of finish was sold out in minutes when it was released on the weekend last.

But this collector who holds Alibaba’s NFT is subject to a few restrictions. As Alibaba’s website states, NFT holders are prohibited from using digital collections for commercial use.

Beijing started to separate itself from cryptocurrency last September when the largest exchange Huobi announced the closing of all accounts based in China before 2022. It also imposed a ban on Bitcoin mining within China during October.

At present, China looks set to start implementing its Central Bank Digital Currency (CBDC) system through the digital currency, known as the Yuan. It is well-received by the early adopters to date.

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