A major NFT and metaverse move out of South Korea, as SM Brand Marketing, a subsidiary of SM Entertainment and known for its K-pop associations, announced not one but two partnerships for a new Play2Create concept.
SM Brand Marketing has teamed up with metaverse developer The Sandbox and popular crypto trading platform Binance to push forward with their NFT plans.
SM Brand Marketing or SMBM is looking to establish a new global Play2Create or P2C ecosystem whose goal is to encourage new collaborations and creator involvement for new experiences featuring SMBM and SM Entertainment properties and IPs.
As part of the agreement, SMBM will be able to establish the ‘SMTOWN Land’ within The Sandbox metaverse that will serve as a future hub for all K-verse related experiences like concerts, events, and fan meet-ups. The Binance partnership on the other hand, will help provide technological support and will further allow more user-generated content such as games and even reproduce existing SMBM and SM Entertainment products into NFTs.
Putting the focus on creators, SMBM’s P2C ecosystem will reward users not just by playing games or trading NFTs but also by creating new experiences as well. Even though these new experiences will utilize SMBM and SM Entertainment IPs, the fact that they will become NFTs help extend ownership rights and benefits to creators who will own and use these NFTs in the future.
SM Entertainment is known as one of South Korea’s largest entertainment companies, managing not just music groups and musical acts but also popular actors and actresses in the South Korean TV and film industry.
SM Entertainment is a highly popular brand amongst K-pop enthusiasts by way of their musical collective unit SM Town. The brand houses some of the most popular music acts not just in South Korea, but also globally with a roster that includes icons like Girls Generation, RED VELVET, and Aespa.