Binance to Launch ‘Play-to-Create’ NFT Ecosystem

Cryptocurrency exchange Binance has announced a partnership with SM Brand Marketing – a subsidiary of South Korean entertainment company SM Entertainment – ​​to establish a global NFT Play-to-Create (P2C) ecosystem. In addition, the companies will establish a mutual eco-fund.

In a statement, Binance said it has signed a Memorandum of Understanding with the company to build a comprehensive partnership.

What is Play-to-Create?

As the exchange explained, the P2C concept was conceived by Soo-Man Lee, a music executive at SM.

In practice, P2C allows users to play content using IP. Thus, by using the tools and IP provided in the e-commerce and metaverse platforms, users can recreate content and products in the forms of games, music, dance and merchandise.

Furthermore, within the P2C ecosystem, these contents and products can be converted into NFTs.

Consequently, this allows users to earn profits. At the same time, it is possible to gain recognition for your originality.

According to Binance, the P2C ecosystem is a step ahead of the existing Play-to-Earn (P2E) model.

“With the strategic partnership, Binance and SMBM will collaborate to create an ecosystem where global creators can easily participate in recreation using IP and profit from their original content and projects transparently.

Focus on NFTs

Per the announcement, Binance will provide technology infrastructure for the overall blockchain and NFT ecosystem.

Meanwhile, SMBM will provide the IPs managed by SM, including EXO, Red Velvet and NCT. The company will also support with content planning and platform building.

“Binance is happy to work with SMBM to move from the current P2E ecosystem to a P2C ecosystem. We would like to provide SMBM with robust technology that can support the countless global Kpop fans who enjoy recreating content based on their favorite Korean celebrities and want to earn passive income through their hobbies,” said Helen Hai, Global Head of Binance NFT.

Sung-su Lee, CEO of SMBM, highlighted that SM is creating multiple metaverse-oriented content IPs. For this, it is using the SMCU (SM Culture Universe), which includes Metaversal Origin Stories.

“By combining SM’s production capabilities, SMBM’s e-commerce platform capabilities, and Binance’s technology infrastructure, we hope that this comprehensive partnership will bring great innovation in establishing the P2C ecosystem and expanding business in the blockchain industry. It is also an opportunity for fans to build a new culture of participatory creation through recreation and gain economic benefits from being on the blockchain,” he said.