Blockchain ecosystem and cryptocurrency infrastructure provider Binance announced that it signed a Memorandum of Understanding (MoU) to form a strategic partnership with SM Brand Marketing (SMBM), a subsidiary of South Korean entertainment company SM Entertainment (SM).
Initially, the companies will start cooperating in the non-fungible token (NFT) sector and the creation of a joint eco-fund. Then, Binance and SMBM will soon build a global Play-to-Create (P2C) ecosystem which will be based on a participatory creation culture model conceptualized by SM’s Chief Producer Lee Sooman.
Through this P2C system, users will be able to reproduce content from SM Entertainment, such as releases from its K-Pop groups like EXO, NCT, or Red Velvet. The content then can be turned into games, music, or art, that would later be minted into NFTs.
Binance wrote in a statement that the collaboration will “create an ecosystem where global creators can easily participate in recreation using IP and profit from their original content and projects in a transparent manner.”
Global Head of Binance NFT, Helen Hai, added that Binance is happy to be working with SMBM to advance the current P2E ecosystem into a P2C ecosystem. She noted that Binance will provide SMBM with the “robust technology that can support the numerous Kpop global fans who enjoy recreating content based on their favorite Korean celebrities and want to earn passive income through their hobbies.”
“SM is creating various metaverse-oriented content IPs through SMCU (SM Culture Universe) which includes Metaversal Origin Stories. By combining together SM’s production capabilities, SMBM’s e-commerce platform capabilities, and Binance’s technology infrastructure, we expect this comprehensive partnership will bring great innovation in the establishment of the P2C ecosystem and expansion of businesses in the blockchain industry. It is also an opportunity for fans to build a new participatory creation culture through recreation and to gain economic benefits by being on the blockchain,” said Lee Sungsu, CEO of SMBM.
Binance also announced recently its partnership with K-pop label YG Entertainment which aims to aid the entertainment company as it ventures into the NFT space. (Read more: YG Entertainment Partners with Binance to Venture in NFTs)
Moreover, Hybe, the powerhouse behind the popular boy band BTS, also partnered with South Korea’s top cryptocurrency exchange operator Dunamu last year to invest and venture in NFTs . (Read more: BTS NFTs Coming Soon Thanks to Agency Collab with Korean Crypto Exchange)
This article is published on BitPinas: Binance Partners with KPOP SM Entertainment Subsidiary to Establish Play-to-Create Ecosystem