news devices NFT: Samsung is ahead of Apple by launching a dedicated ecosystem
Samsung Electronics is ahead of the web3 race. By developing cooperation with many companies in this sector, the South Korean giant wants to establish itself in the field of NFTs ahead of its competitor called Apple.
Partnership with industry references
In the logic of adopting new technologies related to Web 3, Samsung announced that it is developing an ecosystem called “Galaxy NFT”. This news comes from a report published by the South Korean press. In this writing, we learned that the brand has partnered with six companies:
- Theta Labs (NFT view)
- Alllink (NFT authentication)
- E-Cruise (NFT Certification)
- Digital Plaza (NFT Certificate)
- Shilla Duty Free (NFT Certified)
- Show Golf (NFT Certificate)
Through this alliance, the electronics company aims to develop a complete protocol dedicated to NFT.
Concretely, the Galaxy NFT project should offer many advantages to customers. Among these benefits, Samsung explains that the New Galaxy NFT community and holders can access exclusive discounts booked by accrediting the various partners above.
To do this, the “Galaxy NFT” ecosystem is deployed on the Moonbeam platform, which is a multichain (in short, a bridge connecting 2 blockchains) taking into account the Ethereum smart contracts on the Polkadot network.
The project is not new because the brand has been “harassing” it on tablets and smartphones for several days. In fact, customers who pre-ordered the Galaxy Z Flip 4 or Z Fold 4 were happy to get the “New Galaxy NFT”.
Samsung wants to develop its web3 branch
Despite the significant decline in the NFT market, some companies are determined to develop an ecosystem dedicated to these non-fungible tokens. Among those companies that want to democratize the uses of the blockchain, we find in particular the electronics giant Samsung.
Indeed, the seemingly familiar brand of Web3 technologies has doubled down on advertising aimed at democratizing this new segment among its customers. The Korean company has not made its first attempt with web3 since January 2022, it has set foot in the Metaverse. For the occasion, Samsung has reproduced one of its physical stores in the virtual world Decentraland to sell NFT there.
With the goal of more widespread adoption of non-fungible tokens, Samsung has gone further to offer a TV that integrates the Nifty Gateway platform dedicated to NFTs, so that customers can display their own “blockchainized” works on an 8K screen like a billboard.
Finally, in June, Apple competitor developed its own community server Discord for Web 3. The initiative has been a success since Samsung’s US server reached more than 100,000 members, just 12 hours after its launch, reflecting strong demand for this type of Web 3 experience. .
With this new announcement, the brand confirms its interest in NFTs:
“Samsung Electronics will continue to innovate the customer experience that connects the virtual world and the real world using NFT with different partners.” Says a manager at Samsung Electronics.
Samsung appears determined to continue exploring this new path. By developing uses at the beginning of the NFT era, the company can establish itself as a leader in the sector ahead of Apple’s possible arrival in the non-fungible token sector.
What is NFT?
NFT is an acronym for Non Fungible Token or Non-Fungible Token in French. NFTs are crypto tokens issued on the blockchain.
By exploiting this technology in the genesis of cryptocurrencies, NFTs record inviolable properties in this virtual registry. As a result, NFTs are true certificates of digital ownership.
Is NFT necessarily an image?
A distinction must be made between NFT and its associated object. In fact, the non-replaceable token is above all a virtual ownership certificate and not the digital file as such. An NFT is usually associated with an image or video, but it can also take the form of text, music, or any other digital format.
What is NFT used for?
NFTs are generally used to assert property rights over the Internet. Thus, the owner of a virtual business token can collect royalties, ensure respect for the intellectual property of their digital subject, etc.
This feature has significantly enabled NFT to shine in the art by creating value and scarcity in digital images available on the web. Also, unlike art, this technology offers versatility in many sectors such as video games, product traceability, etc.
How is the value of the NFT determined?
These tokens are non-fungible, that is, they have a unique value unlike cryptocurrencies, which can be exchanged (1 bitcoin = 1 bitcoin).
Therefore, the price of the NFT is set arbitrarily by the owner of the token. This price is usually in cryptocurrency, most often in Ether (ETH).
How do you buy and sell NFTs?
NFTs are generally bought or resold on trading platforms such as Opensea or Foundation.
What is NFT Mint?
“Mint,” or strike in French, is the initial sale of the token. In order to become a permanent part of the blockchain ledger, these new tokens must be an instrument. Through this procedure, the user comes to complete a transaction with his fee to see his token appear live on the blockchain.