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K-pop giant SM Entertainment strikes ‘Play2Create’ NFT partnership with crypto exchange Binance

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SM Entertainment has been investing in its version of the metaverse for a while now.

The company expanded into the rising virtual artist space in October 2020 with the launch of aespa – a ‘Metaverse Girl Group’ featuring four human members and four virtual counterparts.

At the centre of SM’s content strategy is the SM Culture Universe (SMCU), which according to CEO Sung Su Lee, is a “massive virtual world that starts with aespa’s storytelling”.

Now, SM is expanding its metaverse ambitions to the blockchain and NFTs, via a strategic partnership with cryptocurrency exchange Binance.

Binance and SM Brand Marketing (SMBM), a subsidiary of SM Entertainment, have signed a Memorandum of Understanding to build what they call a “comprehensive partnership” to establish, what they call, a global Play2Create (P2C) ecosystem.

Binance and SMBM will be working jointly on the blockchain mainnet, NFTs, and a new ‘eco-fund’ to establish the P2C ecosystem.

The partnership will begin in the NFT sector according to a media statement, allowing users to “recreate content and…

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