The world’s largest digital asset platform – Binance – teamed up with SM Entertainment’s subsidiary company SM Brand Marketing. The two parties will establish a global Play-to-Create (P2C) NFT ecosystem and set up a mutual eco-fund.
The Latest Binance Partnership
The cryptocurrency exchange has inked numerous deals with prominent entities over the last several months. Some examples include the Indonesian MDI Ventures, Dubai World Trade Center Authorityand the Argentine Football Association.
Today (February 23), Binance added SM Brand Marketing (SMBM) to that list. The latter is a subsidiary of the South Korean company SM Entertainment (SM).
Throughout the collaboration, the partners will join forces in the NFT sector and establish a joint eco-fund. They will also build a global Play-to-Create ecosystem, which will allow users to reproduce content using IP. As a result, individuals will be able to recreate products in the forms of music, dance, games, and goods.
The P2C model is considered a step forward from the existing Play-to-Earn (P2E) mechanism. Within the former’s ecosystem, items can be converted into non-fungible tokens, enabling customers to earn profits while proving ownership over the assets.
SM Entertainment is known as a leader in the worldwide K-pop culture. It is currently home to idol music groups such as SUPER JUNIOR, Girl’s Generation, and EXO. The collaboration between Binance and the Korean company will allow fans to further interact with their favorite artists and bands.
“We would like to 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,” said Helen Hai – Global Head of Binance NFT.
SMBM’s CEO Sung-su Lee asserted that the partnership will bring “great innovation in the establishment of the P2C ecosystem and expansion of businesses in the blockchain industry.”
Binance’s Collaboration With YG
Earlier this month, the cryptocurrency exchange team up with another South Korean multinational entertainment corporation – YG Entertainment Inc. (YG). The two organizations vowed to create eco-friendly non-fungible tokens and build Binance Smart Chain-based games.
The trading venue will offer the NFT platform and the necessary infrastructure for the initiative, while YG will provide NFT content and gaming assets.
The entertainment company is also among the leading players in the K-pop industry. It manages several popular stars like BIG BANG, BLACKPINK, WINNER, iKON, AKMU, and TREASURE.