Samsung ready to launch an NFT ecosystem for Galaxy

Korean electronics giant, Samsung Electronics, recently signed a memorandum of understanding (MOU) with six companies that will collaborate to build the Galaxy NFT ecosystem.

Samsung’s future NFT ecosystem

Samsung has signed a memorandum of understanding (MOU) with six companies, including Theta Labs, to build a new user ecosystem for its new Galaxy, which will have increasing interaction with the NFT world.

A post on the company website reads:

“Samsung Electronics is promoting consumer experience innovation that connects non-fungible tokens (NFTs) in the online virtual world to offline real benefits”.

The company said the NFT ecosystem will promote “consumer experience innovation” by connecting the virtual world with real-world benefits. Details will be announced at an event to introduce the new Galaxy Fold 4, scheduled for 10 August.

According to a report on the Korean-language news site News1, the six companies that have signed the MOU with the electronics giant would be AllLink, Digital Plaza, E-Cruise, Shilla Duty Free, Show Golf, and precisely Theta Labs. The latter is Samsung Electronics’ NFT minting partner while AllLink will be the authentication solution partner.

Samsung has been working on Web3 for some time, launching the Galaxy project, which is expected to enable unique virtual experiences for users of Galaxy products. As noted on the company’s website, on 27 July the Galaxy project was integrated with the Moonbeam platform, which integrates full compatibility with Ethereum smart contracts on the Polkadot network:

“Deploying on the Moonbeam platform is a huge milestone for Project Galaxy because it enables a new Web3 community experience for the Moonbeam and greater Polkadot ecosystems. This integration means that Moonbeam-based smart contracts and tokens can be used with the Project Galaxy platform”.

Theta Labs, the NFT minting partner

Theta Networks and Samsung had already collaborated on a digital collectibles project in February to celebrate the launch of the Galaxy S22 and S8 tablet. It is a sign that Samsung seems to be aiming ever more firmly toward the NFT ecosystem.

Theta Networks co-founder Mitch Liu explained that his company:

“is launching the world’s largest ever offline NFT utility campaign. more 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”.