Agreement will see Binance and SM Brand Marketing(SMBM) establish a global Play-to-Create(P2C) ecosystem. Companies will start by collaborating on NFTs and a joint eco-fund.
Binance and South Korea’s SM Brand Marketing (SMBM) will build a global ecosystem of Play-to-Create (P2C). The two parties will first cooperate on NFTs and joint ecological funds.
Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has signed a Memorandum of Understanding (MoU) with SM Brand Marketing (SMBM), a subsidiary of 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 between the two parties will start with cooperation in the NFT field and the creation of a joint ecological fund.
The P2C concept was proposed by Lee Soo Man, a well-known music executive at SM Corporation, allowing users to recreate content using IP. By using the tools and IP provided within the e-commerce and metaverse platforms, users can recreate content and products in the form of games, music, dance and merchandise. In the P2C ecosystem, these contents and products can be converted into NFT, allowing users to gain respect for original content while gaining benefits. The P2C ecosystem is an important step forward from the existing Play-to-Earn (P2E) model.
Through a strategic partnership, Binance and SMBM will work together to create an ecosystem where creators around the world can easily participate in re-creation using IP and benefit from their original content and projects in a transparent manner. The P2C ecosystem created through re-creation will also enhance the creative culture of the Kpop industry. Let fans, artists and companies alike share the feast on these e-commerce and virtual world platforms.
Binance and SMBM will jointly build a global P2C ecosystem on the blockchain mainnet, NFTs and ecological funds. Binance will also provide best-in-class technical services for the entire blockchain and NFT ecosystem. At the same time, SMBM will provide massive IP managed by SM, including EXO, Red Velvet, NCT, aespa, etc., and support content planning and platform construction.
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April 24, 2024
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