Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has signed a Memorandum of Understanding (MoU) to build a comprehensive partnership with SM Brand Marketing (SMBM), a subsidiary of a South Korean entertainment company SM Entertainment (SM).
As part of the comprehensive partnership, Binance and SMBM will establish a global Play-to-Create (P2C) ecosystem. The partnership will begin with a cooperation in the NFT sector and the creation of a joint eco-fund.
Conceptualized by Soo-Man Lee, the renowned music executive of SM, P2C allows users to reproduce contents using IP. By using the tools and IP provided within the e-commerce and metaverse platforms, users can recreate content and products in the forms of games, music, dance, and goods. Within the P2C ecosystem, these contents and products can be converted into NFTs, allowing users to earn profits while also gaining recognition for their originality. The P2C ecosystem is a step forward from the existing Play-to-Earn (P2E) model.
With the strategic partnership, Binance and SMBM will collaborate to create an ecosystem where global creators can easily participate in recreation using IP and profit from their original content and projects in a transparent manner. The P2C ecosystem created through the recreation will also enhance the creative culture within the Kpop industry. Fans, artists, and companies are brought together to join forces on these e-commerce and metaverse platforms.
Binance and SMBM will be working jointly on the blockchain mainnet, NFT, and eco-fund to establish the P2C ecosystem. Binance will also provide the technology infrastructure for the overall blockchain and NFT ecosystem. Meanwhile, SMBM will provide the vast IPs managed by SM, including EXO, Red Velvet, NCT, aespa, and more, and support with content planning and platform construction.
Helen Hai, Global Head of Binance NFT, said: “Binance is happy to be working with SMBM to advance the current P2E ecosystem into a P2C ecosystem. 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.”
Sung-su Lee, CEO of SMBM, 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.”
