SM Entertainment Joins Forces with Binance to Create P2C Ecosystem for K-pop
Binance and SM Brand Marketing (SMBM) will collaborate to create a worldwide Play-to-Create (P2C) ecosystem. The companies will begin by working together on NFTs and a shared eco-fund.
Binance is the largest provider of crypto infrastructure and blockchain ecosystem, while SM Brand Marketing (SMBM) is a subsidiary of SM Entertainment, the renowned South Korean entertainment company, also recognized as one of K-pop’s “Big 3” companies. Binance has signed a Memorandum of Understanding (MoU) with SM to enter a strategic partnership.
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The venture will try to market the demand found for K-pop globally by providing a universal platform for enthusiasts to create, consume and monetize original content. The P2C model is designed by SM’s music executive Soo-Man Lee. He confirmed that this new model would be using the IPs to access e-commerce and metaverse projects through their content. P2C allows users to utilize IP to replicate material. Users can develop content and products in the forms of games, music, dance, and merchandise by utilizing the tools and IP supplied by the e-commerce and metaverse platforms. These products may be transformed into NFTs inside the P2C ecosystem, allowing individuals to profit while also earning acknowledgment for their creativity.
Binance and SMBM will work to establish an environment where global creators can easily engage in recreation and earn from their original content transparently.
This is an evolutionary model from the previous P2E and allows creators to mint their content as NFTs.
The technical part of the deal expects to use the basic infrastructure, tools, and blockchain network from Binance to create an ecosystem for NFTs, P2C, and eco-fund. SM Brand Marketing would be able to combine a mainstream industry like K-pop with DeFi, metaverse, and NFTs.
Fans will get first-hand uncensored access to their favorite artists. CEO Sung-Su Lee from SMBM maintains that these developments will eventually lead to a “participatory creation culture” with the help of blockchain technology.
