SM Entertainment Partners with Binance to Build a ‘Pay-to-Create’ Ecosystem

SM Entertainment Binance
Credit: SM Entertainment
SM Entertainment Binance
Credit: SM Entertainment

SM Brand Marketing (SMBM), a subsidiary of SM Entertainment, has recently signed a partnership with Binance, the world’s leading cryptocurrency exchange platform, to build a global Play-to-Create (P2C) ecosystem. The companies will collaborate on various blockchain-based projects.

P2C is a term first coined by Lee Soo Man, the founder and producer of SM Entertainment. In the P2C ecosystem, users can freely re-create content using the intellectual properties (IP) and platform-exclusive tools.

SMBM plans to establish an environment where global creators can easily participate in recreation using the company’s IPs. Blockchain technology will allow the users to earn profit from the royalties of the re-created content. The P2C ecosystem is expected to expand the field of the K-pop industry.

Both SMBM and Binance will work jointly on the blockchain main net, non-fungible token (NFT), and eco-fund to establish the P2C ecosystem. Starting with cooperation in the NFT sector and the creation of a joint eco-fund, the companies will collaborate on various projects, including project investments, product planning and development.

Source (1)

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