The world's largest digital asset platform – Binance – has teamed up with SM Entertainment's subsidiary company, SM Brand Marketing. The two parties will establish a global NFT Play-to-Create (P2C) ecosystem and establish a mutual eco-fund.
Binance's Latest Partnership
The cryptocurrency exchange has struck several deals with prominent entities in recent months. Some examples include Indonesia MDI Ventures, the Dubai World Trade Center Authority and the Argentine Football Association.
Today (February 23), Binance added SM Brand Marketing (SMBM) for 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 play content using IP. As a result, individuals will be able to recreate products in the forms of music, dance, games and merchandise.
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, allowing customers to earn profits while proving ownership of the assets.
SM Entertainment is known as a leader in K-pop culture worldwide. It is currently home to idol groups such as SUPER JUNIOR, Girl's Generation, and EXO. The collaboration between Binance and the Korean company will allow fans to interact even more with their favorite artists and bands.
“We would like to provide SMBM with robust technology that can support the countless global Kpop 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 CEO Sung-su Lee stated that the partnership will bring “great innovation in establishing the P2C ecosystem and expanding business in the blockchain industry.”
Binance Collaboration with YG
Earlier this month, the cryptocurrency exchange teamed up with another South Korean multinational entertainment corporation – YG Entertainment Inc. (YG). The two organizations promised to create eco-friendly non-fungible tokens and create games based on Binance Smart Chain.
The trading platform will provide the NFT platform and infrastructure needed for the initiative, while YG will provide NFT content and gaming assets.
The entertainment company is also among the top players in the K-pop industry. He manages several popular stars like BIG BANG, BLACKPINK, WINNER, iKON, AKMU and TREASURE.
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