Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Samsung Electronics has signed a memorandum of understanding (MOU) with partners, including Theta Labs, to operate an NFT ecosystem for its new range of Galaxy mobile phones.
âSamsung Electronics is promoting consumer experience innovation that connects non-fungible tokens (NFTs) in the online virtual world to offline real benefits.â
The firm said the NFT ecosystem would promote âconsumer experience innovationâ by connecting the virtual world with benefits in the real world.
NFTs for better customer experience
Samsung intends the NFTs to serve as a way to deliver âpractical benefitsâ such as customer discounts and an authentication tool â details will be confirmed at a phone unveiling event scheduled for August 10.
According to CNET, at the event, Samsung will launch the Galaxy Fold 4, which is rumored to have an improved hinge design, slimmer build, and a Snapdragon 8 Gen 1 Plus featuring 4-nanometer process technology.
Taken in conjunction with the list of partners per the MOU, the Korean language press release suggested an in-person/retail component to the utilization process. It mentioned a list of retail partners, including the companyâs in-house Digital Plaza stores.
âSamsung Electronics will continue to innovate the customer experience that connects the virtual world and the real world by using NFT with various partners.â
The role of Theta Labs is to issue the Galaxy NFTs, whereas NFC payment solutions firm Allink provides authentication services.
In an English language press release shared with CryptoSlate, Theta Networks co-founder Mitch Liu said Theta is âlaunching the worldâs largest ever offline NFT utility campaign.â
âmore 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.â
ThetaPass refers to an NFT ticketing system to access virtual events, first mentioned in January.
Samsung had previously partnered with Theta Networks
Theta Networks and Samsung had previously partnered on an NFT digital collectibles project in February to celebrate the Galaxy S22 and S8 Tablet launch.
Pre-order buyers of the above models in Korea could claim free NFTs by registering on Theta Networkâs NFT marketplace â ThetaDrop. The process involved using a unique code received via verification through the âSamsung Membersâ app.
At the time, Liu said the collaboration âexemplifies global adoption of Thetaâs blockchain technology.â And that he looked forward to building a long-term community through this opportunity.
The post Samsung partners with Theta Labs for upcoming Galaxy NFT ecosystem appeared first on CryptoSlate.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.