Korean electronic goods company Samsung Electronics recently signed a memorandum of understanding with six companies, including Theta Labs, to operate a new NFT ecosystem for its new range of Galaxy mobile phones.
The international company plans to elevate the consumer experience by creating a connection between the real and virtual worlds.
Its spokesperson said, “Samsung Electronics is promoting consumer experience innovation that connects non-fungible tokens (NFTs) in the online virtual world to real offline benefits.”
According to a report by a Korean news site, News1, the six companies that signed the MOU were Alllink, Digital Plaza, e-cruise, Shilla Duty Free, Show Golf, and Theta Labs. Theta Labs is Samsung’s NFT issuance partner. Alllink, on the other hand, is also the electronics giant’s authentication solutions partner.
Following the announcement of Samsung Electronics, one of the company’s officials emphasized its goal of constantly innovating the customer experience. Through this breakthrough, Samsung plans to extend practical benefits that include discounts to users and holders of the New Galaxy NFT who go through the NFT certification process. The certification process shall be done at the four remaining companies, Digital Plaza, e-cruise, Shilla Duty Free, and Show Golf.
On August 10, 2022, Samsung announced its plans to create an NFT ecosystem, along with its new range of products, through its event, Galaxy Unpacked. Two new foldable phones were also released – the Galaxy Z Fold 4 and Flip 4. Although these two phones powerfully resonated with their predecessors, there were significant changes made in the models. In addition, they have also released two Galaxy Watch 5 models and third-generation Galaxy Buds.
It has been reported that Samsung Electronics has long been working on Web3 for some time. As a matter of fact, its Galaxy project was already integrated into the Moonbeam platform last July 27, which was designed to integrate full compatibility with Ethereum smart contracts on the Polkadot Network.
According to the Samsung website, deploying on the Moonbeam platform is “a huge milestone for Project Galaxy because it enables a new Web3 community experience for the Moonbeam and greater Polkadot ecosystems. This integration means that Moonbeam-based smart contracts and tokens can be used with the Project Galaxy platform.”
On top of that, Samsung Electronics already had collaborations with Theta Labs in the past. In February, the two companies were working on a digital collectibles project celebrating Samsung’s launch of the Galaxy S22 and the S8 tablet. Theta Networks co-founder Mitch Liu explained that his company “is launching the world’s largest ever offline NFT utility campaign. More than 100,000 NFT holders can use their Theta NFT online and offline through ThetaPass technology. This is only the beginning, and we will continue expanding retail and ecommerce store coverage and utility to broaden benefits to Samsung NFT holders.”
With the many significant strides that Samsung has made over the past year, it is clear that Samsung is driven to revolutionize the customer experience. As NFTs continue to rise, the trailblazing company aims to ride the waves and stand at the forefront of innovation.