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Binance has signed a Memorandum of Understanding (MoU) to build a partnership with SM Brand Marketing (SMBM). The company is a subsidiary of the South Korean Entertainment company SM Entertainment (SM).
The partnership involves Binance and SMBM establishing a global Play-to-Create (P2C) ecosystem. This will begin with both companies working together in the NFT sector and also the creation of a joint eco-fund.
Both companies will work on the blockchain mainnet, NFT, and eco-fund to establish the P2C ecosystem. Binance will provide the technology infrastructure for the overall blockchain and NFT ecosystem.
Meanwhile, SMBM will provide all the Intellectual Properties (IP) managed by SM Entertainment – including EXO, Red Velvet, NCT, Aespa, etc. SMBM will also support through content planning and platform construction
Global Head of Binance NFT Helen Hai said that they were excited to integrate robust technology for SMBM to support global fans. Especially in recreating content based on their favorite Korean celebrities and in earning passive income through them.
Along with the previous statement, CEO of SMBM Sung-Su Lee said:
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.
P2C allows users to reproduce content using IP. Users only need to use the tools and IPs provided within the e-commerce and metaverse platforms to create content and products in the form of games, dance, goods, and music.
Within the ecosystem, these contents can also be converted into NFTs allowing users to earn profits. The P2C system is a progression from the current Play-to-Earn (P2E) model.
Therefore, the Binance and SMBM collaboration aims to create an ecosystem where global creators can recreate content using IPs to profit. The P2C ecosystem will also help enhance the creative culture within the K-pop industry.
SM Entertainment is one of the biggest entertainment companies in South Korea. It is known for managing Korean groups such as EXO, Red Velvet, NCT, Aespa, Super Junior, and more. SM Entertainment’s groups and artists have garnered fans from not only South Korea but also all over the world.
Earlier this February, Binance also announced a partnership with SM Entertainment’s rival company YG Entertainment. The agreement will see Binance and YG develop NFT, Metaverse, and gaming opportunities. Additionally, they will work on creating an eco-friendly ecosystem for NFTs.
As known in the music industry, especially the K-pop world, YG Entertainment manages IPs such as BIGBANG, BLACKPINK, iKON, AKMU, and TREASURE.
In late 2021,HYBE Entertainment, formerly known as Big Hit Entertainment, which manages IPs such as the global superstars BTS, TXT, Enhypen, Seventeen, and Fromis 9, announced its intentions of using NFTs for future projects.