Samsung signs MoU deal to give new NFT project offline utility

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South Korean electronics giant Samsung is working to build its non-fungible token (NFT) ecosystem. Samsung has signed a memorandum of understanding (MoU) with several retail stores to give its New Galaxy NFT project real-world utility.

Per a news release, holders of the Samsung NFTs can access discounts when they finalize the purchase of the company’s Galaxy S22 series and Galaxy Tab S8 flagship phones at specific South Korea retail outlets. The outlets include Samsung Digital Plaza, Shilla Duty Free Shop, Show Golf, and E Cruise. 

Customers who own one of the NFT pieces will be able to access perks such as discounts and savings at the said 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 by using NFT with various partners,” the official said. 

In February, Samsung launched the New Galaxy NFT project through a partnership 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 initiatives to customers who pre-order its new foldable phone series, including Z Flip 4 and Z Fold 4, which will be announced during its Unpacking Event slated for August 10. However, it is still unclear if the initiative will be extended to other countries. 

Samsung deepening its roots in blockchain technology

The initiative is only the latest in Samsung’s NFT adoption drive. Earlier this year, Samsung announced a new line of Smart TVs that integrates NFTs. Through a partnership with Nifty, the Smart TV NFT platform allows users to view their NFTs, as well as navigate the NFT marketplace. 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 assets wallets in 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.

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