Is Binance riding the Korean Entertainment wave?

Sahana Kiran
Source – Pixabay

The entire world has been humming to Korean music, and so has Binance, the world’s largest cryptocurrency exchange. For the second time this month, the cryptocurrency exchange has struck an agreement with a South Korean entertainment group.

As per recent reports, Binance had entered into a Memorandum of Understanding [MoU] with SM Brand Marketing [SMBM]. Through this partnership, the crypto exchange intends to formulate a Play-to-Create [P2C] platform that would allow users to roll out content using intellectual property [IP].

With practically every platform venturing into the metaverse and the NFT area, SMBM decided to join in on the fun. As a result of this collaboration, the company will convert content published on the P2C ecosystem into NFTs, allowing users to make profits. Users on this imminent platform will be allowed to create an array of content ranging from games, music, dance as well as goods.

SMBM is a subsidiary of another South Korean entertainment giant SM Entertainment [SM]. The firm manages an array of Korean celebrities like the bands Red Velvet, EXO, NCT as well as aespa.

Elaborating on this collaboration, Sung-Su Lee, the CEO of SMBM, said,

“SM is creating various metaverse-oriented content IPs through SMCU (SM Culture Universe) which includes Metaversal Origin Stories. By combining together SM’s production capabilities, SMBM’s e-commerce platform capabilities, and Binance’s technology infrastructure, we expect this comprehensive partnership will bring great innovation in the establishment of the P2C ecosystem and expansion of businesses in the blockchain industry.

Binance catches the K-pop bug

The most recent collaboration was formed to bring together fans, artists, and businesses from throughout the country in the metaverse. The P2C ecosystem will enable users to maintain their creative culture while also accumulating profits. The collaboration of the aforementioned K-pop bands would be an extra benefit.

Earlier this month, Binance partnered with YG Entertainment Inc. [YG] with a similar notion of entering the metaverse. The crypto exchange and the entertainment firm intends to launch eco-friendly NFTs. YG manages popular bands like BLACKPINK, Winner, Big Bang, iKon, and others.

Binance’s recent interest in Korea has caught everyone off guard. Since last year, a number of counties have withdrawn from the exchange due to regulatory issues. Israel was the most recent country to request that the platform suspend its operations. Therefore, the exchange appeared to be testing Korean waters.

Binance, on the other hand, said goodbye to all Won trading pairings and even dropped support for the Korean language in August 2021. The community speculated that this could be due to laws imposed by South Korea’s Financial Intelligence Unit. However, the exchange suggested otherwise, pointing out the country’s low volume. Despite this, the company was returning to South Korea.