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