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K-pop giant SM Entertainment strikes ‘Play2Create’ NFT partnership with crypto exchange Binance

SM Entertainment has been investing in its version of the metaverse for a while.

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The company expanded into virtual artist space on the rise in October 2020 with launch aespa – a ‘Metaverse Girl Group’ consisting of four human members and four virtual members.

At the heart of SM’s content strategy is SM Cultural Universe (SMCU)which based on CEO Sung Su Lee, is a “huge virtual world that starts with aespa’s story telling”.

Now, SM is expanding its hyper-reverse ambitions to blockchain and NFT, through a strategic partnership with crypto exchange Binance.

Binance and SM Brand Marketing (SMBM), a subsidiary of SM Entertainment, signed a Memorandum of Understanding to forge what they call a “comprehensive partnership” to establish what they call a Play2Create (P2C) ecology globally.

Binance and SMBM will work together on blockchain mainnetNFT and a new ‘eco-fund’ to establish a P2C ecosystem.

The partnership will begin in the NFT space, according to a media statement, allowing users to “recreate content and products in the form of games, music, dance and merchandise” using “tools and IP provided in e-commerce and metaverse platform”.

SM says that this content can then be converted to NFT in the so-called ‘P2C ecosystem’. The company adds that this will allow “users to earn profits while being recognized for their uniqueness”.

Binance will also provide the technology infrastructure for the overall blockchain and NFT ecosystem.

Meanwhile, SMBM will provide extensive artist IP managed by its SMBM subsidiary, from the likes of NCT, aespa, EXO, Red Velvet, etc., and assist with content planning and construction build foundation.

“The P2C ecosystem created through entertainment will also enhance the creative culture in the K-pop industry,” SM added in a statement.

“Fans, artists and companies are brought together to join forces on these e-commerce platforms and supermarkets.”

“Binance is happy to partner with SMBM to grow the existing P2E ecosystem into a P2C ecosystem.”

Helen Hai, Binance

Helen Hai, Global Head of Binance NFT, said: “Binance is delighted to partner with SMBM to grow the existing P2E ecosystem into a P2C ecosystem.

“We want to provide SMBM with powerful technology that can support a wide range of global K-pop fans who love to recreate content based on their favorite Korean celebrities and want to earn passive income. act through their preferences.”

“SM is creating more metaverse-oriented content IPs through the SMCU (SM Cultural Universe), including Transformation Origin Stories.”

Sung Su Lee, SM Entertainment

Sung Su Lee, CEO of SM Entertainment, said, “SM is creating multiple metaverse-oriented content IPs through SMCU (SM Culture Universe), including Metaversal Origin Stories.

“By combining SM’s manufacturing capabilities, SMBM’s e-commerce platform capabilities, and Binance’s technology infrastructure, we expect this comprehensive partnership to bring innovation tremendous in establishing the P2C ecosystem and expanding businesses in the blockchain industry.

“It is also an opportunity for fans to build a new participatory creative culture through entertainment and gain economic benefits using blockchain.”Worldwide music business

https://www.musicbusinessworldwide.com/k-pop-giant-sm-entertainment-strikes-play2create-nft-partnership-with-crypto-exchange-binance/ K-pop giant SM Entertainment strikes ‘Play2Create’ NFT partnership with crypto exchange Binance

Fry Electronics Team

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