The two companies stated that one of the primary concerns for future collaborations would be the development of eco-friendly NFTs. Binance, a global crypto exchange, and YG, a South Korean entertainment company, have formed a new partnership to create a more sustainable framework for future NFTs collaborations.
YG represents several well-known Kpop artists, including BLACKPINK, BIG BANG, and WINNER. According to the February 8 announcement, the Memorandum of Understanding (MoU) will reportedly grant Binance access to develop digital assets based on the intellectual property (IP) associated with these artists.
Although the two companies did not provide any specifics about any upcoming NFT collections, they did confirm that creating NFTs in an “eco-friendly way” will be one of their primary concerns in future collaborations. Helen Hai, Global Head of Binance NFT, stated that the platform would collaborate “closely with YG. They will create an eco-friendly ecosystem for NFTs.
Binance NFT is a multichain platform that operates on the PoSA (Proof of Staked Authority) network. This consensus agreement protocol is more environmentally friendly and energy-efficient than Bitcoin’s.
In addition to upcoming collaborations in the NFT space, the two companies mentioned plans to develop Binance Smart Chain-based games and collaborate on Metaverse project development.
The virtual currency briefly surpassed the $45,000 mark for about a month overnight for the first time.
It later fell below that level and last traded at around $44,800 per coin.
It’s unclear what triggered the latest price increase, but the cryptocurrency’s value has been steadily rising in recent days. After weeks of losses, it finally broke through $40,000 last Friday.
Investors have been wary of digital currencies and other risky assets since the Federal Reserve of the United States signaled that it might withdraw economic stimulus more aggressively than expected.
Governments are also cracking down. Russia’s central bank has proposed a ban on cryptocurrency use and mining. Russia is one of the world’s largest crypto-mining countries. However, its central bank has warned that digital currencies could jeopardize its financial stability.
The Russian proposal comes just a few months after China imposed a full-fledged crackdown on cryptocurrency, prohibiting trading and mining. However, some countries are embracing cryptocurrency.
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