SM Entertainment signed a deal with Binance to further explore the NFT marketplace. SM became the second K-pop entertainment agency to do so in February. The duo will construct a “play-to-create” environment with the goal of allowing fans to replicate material utilising SM Entertainment’s intellectual rights, which include famous groups NCT, Red Velvet, and SHINee.
Binance will provide the technical backbone for NFTs, while SM will supply entertainment material from its large collection.
Binance’s relationship with SM comes only two weeks after the crypto exchange announced a deal with YG, another prominent K-pop agency that represents popular girl group BLACKPINK. YG Entertainment was the first company who formed a partnership with Binance to work toward a more sustainable framework for future NFT cooperation. YG Entertainment and Binance still haven’t disclosed any details regarding potential NFT collections. They did state that manufacturing NFTs in a “eco-friendly” manner will be one of their primary objectives in the future.
The Korean entertainment business is aggressively participating in the metaverse race, with competing labels HYBE, SM, JYP, and Cube Entertainment all launching relevant endeavours in the last year.