Samsung Partners With Theta Labs to Integrate NFT Ecosystem With Upcoming Galaxy Flagship

Samsung is using NFTs as a way of delivering rewards like authentication tools and discount benefits to its loyalists.

By Radhika Parashar | Updated: 9 August 2022 15:14 IST

Samsung Partners With Theta Labs to Integrate NFT Ecosystem With Upcoming Galaxy Flagship

Photo Credit: Evan Blass

In January 2022, Samsung had revealed a new “NFT Aggregation Platform” to its smart TVs

Highlights

Samsung has been showing keen interest in NFTs
Samsung earlier partnered with Theta on the launch of Galaxy S22
Samsung has integrated NFT-related feature with TVs earlier in 2022

Samsung has partnered with Theta Labs to power a collection of non-fungible tokens (NFTs) to accompany the launch of Samsung's upcoming flagship device, the Galaxy Fold 4. People who would pre-order the device in South Korea will receive unique digital collectibles via their units. Theta Network, as part of the deal, will provide NFT claimers a registration platform called ThetaDrop that will enable them to get their NFTs post verification. For Theta, the collaboration is a way to drive the adoption if its blockchain technology, focussed on video, media, and entertainment industry.

Samsung is using NFTs as a way of delivering rewards like authentication tools and discount benefits to its loyalists.

“Samsung Electronics will continue to innovate the customer experience that connects the virtual world and the real world by using NFT with various partners,” CryptoSlate quoted the tech mammoth as saying in a Korean press release.

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More details about Samsung's NFT plans will be revealed on August 10.

The tech giant had first partnered with Theta Labs back in February before the launch of its Galaxy S22 and Galaxy Tab S8.

“These NFTs provide unique customer benefits for pre-ordering Samsung's flagship mobile devices, the first in the industry. We plan to provide ongoing membership benefits and privileges to Galaxy customers who own a Samsung Theta commemorative NFT and look forward to building a long-term community among members,” Mitch Liu, co-founder and CEO of Theta Labs, had said in a Medium post at the time.

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Theta Network has meanwhile updated people about this fresh development on Twitter.

"We're launching the world's largest ever offline NFT utility campaign, where more than 100,000 NFT holders can use their Theta NFT online and offline through ThetaPass technology" @mitchliu @ThetaDrop

In partnership with @Samsung https://t.co/x8RHfhIrZd https://t.co/la69gimXc8
— Theta Network (@Theta_Network) August 8, 2022

In January 2022, Samsung had revealed a new “NFT Aggregation Platform” to an array of its smart televisions. The feature allows people to browse NFTs for sale and even buy them via the TV set itself.

The South Korean brand is not the only player in the smartphone sector that is banking on the popularity of NFTs to add ‘something new' to its offerings.

Nothing, the company behind the much talked about Phone (1), announced a partnership with Flipkart to launch the very first NFT drop at FireDrops, which is a Web3-focussed feature that went live on Flipkart last month.

People who have pre-booked the Nothing Phone (1) on Flipkart were airdropped ‘Nothing Community Dots' that will unlock special benefits for the phone buyers. These perks include early access to new products and offline events. This particular NFT drop on FireDrops was powered by GuardianLink, an NFT ecosystem company.

The sales of NFTs reached $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

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Further reading: Cryptocurrency, Samsung, Theta Labs, NFT

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More