Samsung’s flagship handsets are being launched with a commemorative NFT from Theta Network for users in South Korea who pre-ordered.
Consider the following strategy for maximising exposure around the introduction of your cornerstone product: Include an NFT.
And that is just what Samsung has done, at least for South Korean customers. The electronics business, in collaboration with cryptocurrency project Theta Labs, will provide commemorative non-fungible tokens (NFTs) to customers who pre-ordered either the Galaxy S22 smartphone or the new Tablet S8.
According to Mitch Liu, CEO and co-founder of Theta Labs, the NFTs provide “ongoing membership advantages and privileges.” However, a Theta spokeswoman was unable to provide any specifics to Decrypt about the nature of these perks.
Theta Labs is the organisation behind both the blockchain project Theta Network and THETA.tv, a crypto-native video streaming service. Theta Labs is expanding its network into the esports and video streaming niches, incentivizing participation on its platforms with the native THETA token.
According to CoinMarketCap, the token is now trading at $3.56, down more than 5% in the last 24 hours. Additionally, the recent NFT drop with Samsung is anticipated to drive traffic to Theta’s NFT marketplace, ThetaDrop.
That’s because consumers who pre-ordered Samsung’s Galaxy S22 or Tablet S8 may redeem their NFTs by enrolling with ThetaDrop and using a unique code created by their “Samsung Members” app.
Pre-orders began on February 9, and the gadgets will be available for purchase on February 25. This is not Samsung’s first foray into the realm of cryptocurrency, nor is it the company’s first collaboration with the Theta Network.
Samsung NEXT, the South Korean company’s venture capital arm, invested in Theta Labs in 2019 as part of its commitment to new technologies such as artificial intelligence, blockchain, and fintech.
In 2019, the Korean company added a Samsung Blockchain Keystore and Wallet to its Galaxy smartphones, allowing users to store their cryptocurrency private keys in Knox, a secure enclave on the device that is isolated from the main operating system and can be accessed only through a PIN or biometric authentication. Samsung has supported the technology on subsequent Galaxy devices, including the S10 and S20 models, and will add support for hardware wallets in 2021.
The company has also joined the NFT market, providing non-fungible token functionality to their 2022 television selection. The news was accompanied by a press statement outlining how customers will be able to explore, acquire, and exchange “digital artwork” through the company’s MICRO LED, Neo QLED, and The Frame television lines.
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