Samsung signs MoU agreement to provide new NFT project offline tools
South Korean electronics giant Samsung is working on building its NFT (non-fungible token) ecosystem. Samsung has signed a memorandum of understanding (MoU) with several stores to bring its new Galaxy NFT project to real use.
According to a press release, holders of Samsung NFTs can access discounts when they complete the purchase of the company’s Galaxy S22 series and Galaxy Tab S8 flagship phones at specific retail locations in South Korea. The outlets include Samsung Digital Plaza, Shilla Duty Free Shop, Show Golf and E Cruise.
Customers who own one of the NFT parts will be able to access benefits such as discounts and savings at the aforementioned outlets. A company spokesperson said the initiative is aimed at promoting consumer experience innovation.
“Samsung Electronics will continue to innovate the customer experience that connects the virtual world and the real world using NFT with various partners,” the official said.
In February, Samsung launched the New Galaxy NFT project through a collaboration with Theta Networks. The NFTs were given as digital souvenirs to Samsung customers in South Korea who pre-ordered the Galaxy S series phones at the time.
Samsung intends to extend the initiative to customers who pre-order its new foldable phone series, including the Z Flip 4 and Z Fold 4, which will be announced during the Unpacking Event scheduled for August 10. However, it is still unclear whether the initiative will be extended to other countries.
Samsung is deepening its roots in blockchain technology
The initiative is just the latest in Samsung’s NFT adoption drive. Earlier this year, Samsung announced a new line of smart TVs that integrate NFTs. Through a partnership with Nifty, the Smart TV NFT platform allows users to view their NFTs as well as navigate the NFT market. This is in addition to its presence on the Decentraland metaverse.
Previously, Samsung had also made significant inroads into blockchain technology adoption. The company has integrated digital asset wallets into several of its phones, developed chips that meet the high standards of blockchain security, and even considered launching its own blockchain platform and token.
The company’s investment arm has also launched the first ETF in Asia to track digital currency and blockchain technology companies. Meanwhile, Samsung America made headlines earlier this year for using blockchain technology for a reforestation project in Madagascar.
See: The presentation of the BSV Global Blockchain Convention, Buzzmint: Elevating NFTs
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