Second K-pop agency taps Binance for NFT partnership

Binance inked a partnership with an SM Entertainment subsidiary to explore non-fungible token (NFT) opportunities, the second K-pop agency to sign with Binance in February. 

Fast facts

• The pair will build what they call a “play-to-create” ecosystem, which aims to let fans reproduce content using the SM Entertainment’s intellectual properties, which include popular groups NCT, Red Velvet and SHINee.
• Binance will offer the technology infrastructure for NFTs, and SM will provide entertainment content from its vast archives.
• Binance’s collaboration with SM comes just two weeks after the crypto exchange announced a partnership with YG, another major K-pop agency of popular group BLACKPINK.
• The Korean entertainment industry is actively entering the metaverse race, with competing labels HYBE, SM, JYP and Cube Entertainment announcing related ventures over the past year.