SEOUL -- SM, an entertainment powerhouse in South Korea, joined hands with The Sandbox, a metaverse game platform, to create an exclusive space called "SM Town Land" where various events such as concerts and fan meetings can be held. Users can enjoy games or create non-fungible tokens using SM's various intellectual properties.
The partnership with The Sandbox, a sandbox game for mobile phones and Microsoft Windows, and SM Brand Marketing (SMBM) is part of SM's efforts to form a recreator economy and platforms to the metaverse world based on a worldview called "SM Culture Universe (SMCU)." The SM Town Land will be created in the space for K-content in The Sandbox.
"Based on the SM Culture Universe worldview in which numerous content, IPs and artists are connected as one, we have become a company with more potential for expansion in the digital world," SMBMCEO Lee Sung-su said in a statement on February 24. "We hope the Sandbox will further expand SMCU within the metaverse world through this partnership."
A Non-fungible token (NFT) is a unit of data stored on a blockchain network of interlinked virtual ledgers and each NFT is certified by a blockchain as a unique digital asset. Entertainment companies have shown keen interest in NFTs to turn the intellectual property of artists into digital assets that can be displayed and exchanged in fan communities.
The two companies will jointly produce NFT products and swap them through a Sandbox platform and SM's Play to Create (P2C) platform. P2C allows users to recreate various content and products using IP rights in the metaverse space where anyone can engage in many different social and cultural activities using avatars. The recreated content can be converted into NFTs, allowing users to monetize their recreation.
A day earlier, SM Brand Marketing tied up with Binance, the world's largest cryptocurrency exchange, to carry out joint projects related to NFT and other virtual asset businesses.
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