TechFlow News — Binance has announced a Memorandum of Understanding with SM Brand Marketing (SMBM), a subsidiary of South Korean entertainment company SM Entertainment (SM), establishing a strategic partnership. The collaboration will begin with joint efforts in the NFT space and the creation of a co-developed ecosystem fund.
Binance and SMBM will build a global Play-to-Create (P2C) ecosystem, where SM will serve as the intellectual property (IP) provider and Binance will act as the technology provider. By leveraging tools and IP available through e-commerce and metaverse platforms, users will be able to re-create content and products in the form of games, music, dance, and merchandise. Within the P2C ecosystem, these creations can be minted as NFTs, enabling users to earn profits while also receiving recognition for their originality.
Helen Hai, Global Head of Binance NFT, said: “Binance is thrilled to partner with SMBM to advance the current P2E ecosystem into a P2C ecosystem. We aim to provide robust technological support for SMBM, empowering countless K-pop fans worldwide to re-create content inspired by their favorite Korean idols, and potentially earn passive income through their passions.”
