Binance, the company currently facing legal action from the SEC, has announced its plans to launch a new digital metaverse that focuses on entertainment.
The project has been in development since June 2022 and involves collaboration with Canadian musician The Weeknd, who is about to start his “After Hours Til Dawn” tour.
According to information released by Binance, fans and interested individuals can enter this digital world starting at 10 am ET, regardless of whether they have purchased concert tickets.
Users will have the option to explore the metaverse or participate in riddles for a chance to win exclusive The Weeknd merchandise or passes to future performances.
Exploring the metaverse involves embarking on a game-like quest to discover digital loot and unlock rewards. On the other hand, the puzzle aspect presents challenges with the opportunity to win special The Weeknd items or even passes to upcoming concerts.
Plans for an exclusive NFT collection in Collaboration with The Weekend’s Tour
In addition to these offerings, those who hold concert tickets will receive a bonus reward in the form of non-fungible token (NFT) trinkets. These NFTs may grant access to VIP events or signed merchandise.
However, Binance has clarified that the availability of these rewards depends on the current market conditions. Binance has recently encountered challenges due to a significant $1.5 billion net outflow from its international cryptocurrency exchange due to the SEC enforcement action. Binance.US has also acknowledged upcoming layoffs.
Nevertheless, the launch of this metaverse by Binance demonstrates the company’s commitment to expanding its scope and blending entertainment with technology.
According to Rachel Conlan, Binance’s Vice President of Global Marketing, the partnership with The Weeknd showcases how Web3 can connect artists with their fans.
Furthermore, Binance plans to release an exclusive NFT collection in collaboration with The Weeknd’s tour later this year. As part of this program, we will donate 5% of the collection’s sales to the XO Humanitarian Fund, which The Weeknd established and the World Food Program USA manages. This initiative highlights Binance’s dedication to advancing social causes and setting new benchmarks for technological innovation.
