Binance and SMBM shook hands to build an eco-fund and set up a Play-to-Create (P2C) NFT ecosystem.
The world’s largest digital asset platform – Binance – teamed up with SM Entertainment’s subsidiary company SM Brand Marketing. The two parties will establish a global Play-to-Create NFT ecosystem and set up a mutual eco-fund.The cryptocurrency exchange has inked numerous deals with prominent entities over the last several months. Some examples include the Indonesian MDI Ventures,SM Brand Marketing to that list. The latter is a subsidiary of the South Korean company SM Entertainment .
The P2C model is considered a step forward from the existing Play-to-Earn mechanism. Within the former’s ecosystem, items can be converted into non-fungible tokens, enabling customers to earn profits while proving ownership over the assets.SM Entertainment is known as a leader in the worldwide K-pop culture. It is currently home to idol music groups such as SUPER JUNIOR, Girl’s Generation, and EXO.
SMBM’s CEO Sung-su Lee asserted that the partnership will bring “great innovation in the establishment of the P2C ecosystem and expansion of businesses in the blockchain industry.”with another South Korean multinational entertainment corporation – YG Entertainment Inc. . The two organizations vowed to create eco-friendly non-fungible tokens and build Binance Smart Chain-based games.
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