Collaboration is at the heart of business life. To build a successful product, managers need to work closely with every structure that makes it right. This is also not easy to come by the process is a strategic move for most corporations. Worst still, when the partners lack commitment, the bulk of pushing the vision forward may rest on the shoulders of the other party in the partnership deed. Just recently, Binance announced her partnership with SM Brand Marketing (One with the aim to leap forward as Asia’s largest visual content, which promotes TV programs and variety show productions alongside actor and MC management).
From the recent action of signing a Memorandum of Understanding (MoU) to build a comprehensive partnership with SM Brand Marketing (SMBM), by Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, with the renowned South Korean based entertainment company, also recognized as one of K-pop’s “Big 3” companies, the deed captured her collaboration to create a worldwide Play-to-Create (P2C) ecosystem which will plunge the companies to work together on NFTs and a shared eco-fund.
Peaking or Peeking
A key feature to further note about this act will be that with the strategic partnership, Binance will collaborate with SMBM to create an ecosystem where global creators can easily participate in recreation, using IP, and profit from their original content and projects in a transparent manner. The P2C ecosystem created through recreation will enhance the creative culture within the Kpop industry.
Highlights of the Partnership
Retaining its firm lead as one of the most popular blockchain networks in the world, leading the industry by accommodating some of the most innovative and utilitarian projects. Binance NFT has swiftly established itself as one of the most popular curated NFT markets in the world, uniting collectors, artists, gamers, and others on a single platform. With prospects to build a more robust structure as Binance has always done, both companies will be working jointly on the blockchain mainnet, NFT, and eco-fund to establish the P2C ecosystem. Here, Binance will provide the technology infrastructure for the overall blockchain and NFT ecosystem. Meanwhile, SMBM will provide the vast IPs managed by SM, including EXO, Red Velvet, NCT, aespa, and more, as well as support with content planning and platform construction.
In lieu of the striking feat, Helen Hai, Global Head of Binance NFT made a laudable remark saying that Binance is happy to be working with SMBM to advance the current P2E ecosystem into a P2C ecosystem. She further stressed that Binance would like to provide SMBM with the robust technology that can support the numerous Kpop global fans who enjoy recreating content, based on their favorite Korean celebrities and want to earn passive income through their hobbies.
CEO Sung-Su Lee from SMBM maintains that these developments will eventually lead to a “participatory creation culture” with the help of blockchain technology. By using the tools and IP provided within the e-commerce and metaverse platforms, these contents and products can be converted into NFTs, allowing users to earn profits while also gaining recognition for their originality. The P2C ecosystem is a step forward from the existing Play-to-Earn (P2E) model.