Subsidiary SM Entertainment Partners with Binance for NFT Offerings
Binance signs a partnership with SM Entertainment for its NFT efforts.
Binance has signed a memorandum of understanding to establish a partnership with SM Brand Marketing, a subsidiary of SM Entertainment. As part of the partnership, the two companies will come together to establish what they call a global game-to-create (P2C) ecosystem. The partnership begins with cooperation in the NFT sector and the creation of a common eco-fund.
“Conceived by renowned SM Music Director Soo-Man Lee, P2C allows users to reproduce content using IP,” the announcement reads. bed. “Using the tools and intellectual property provided in the e-commerce and metaverse platforms, users can recreate content and products in the form of games, music, dance, and goods.”
“Within the P2C ecosystem, these contents and products can be converted into NFT, allowing users to make profits while being recognized for their originality. The P2C ecosystem is a step forward for the play-to- existing earn.
The game-creating system described here has been used in the gaming industry for some time. For example, creators who also play Valve’s games can design character skins and costumes that the community can vote for in games. If the drawings are added to the game, the creator receives part of the product when the community as a whole purchases the item.
Binance’s marketing arm and SM Entertainment will collaborate to create a similar ecosystem for K-pop fans.
The two companies will jointly work on the blockchain mainnet, NFT and eco-fund to establish the P2C ecosystem as stated. Binance will provide the technology infrastructure for the entire ecosystem. While SMBM will provide SM managed IPs including EXO, Red Velvet, NCT, aespa and many more.
“SM creates various metaverse-oriented content IPs through SMCU (SM Culture Universe), which includes Metaversal Origin Stories. By combining SM’s production capabilities, SMBM’s e-commerce platform capabilities, and Binance’s technology infrastructure, we expect this global partnership to bring great innovation in building the P2C ecosystem and business expansion in the blockchain industry,” says Sung-su Lee. , CEO of SMBM.
“It’s also an opportunity for fans to build a new culture of crowd-creation through entertainment and gain economic benefits from being on the blockchain.”