Samsung Electronics To Commit to NFTs with Real World Benefits

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  • Samsung Electronics and Theta Labs signed an MOU to operate on the Galaxy NFT ecosystem.
  • Theta Network to launch an offline NFT utility campaign together with Samsung.
  • Last February, the partnership resulted in the distribution of around 100,000 commemorative NFTs.

On August 8, Samsung Electronics signed a memorandum of understanding (MOU) with several companies including blockchain company Theta Labs. This MOU signifies that a campaign started earlier in 2022 will be carried out.  It will ensure that the benefits of being a commemorative NFT holder will extend not only in virtual spaces but also to the real world.

Theta Labs’ partnership with Samsung Electronics last February resulted in the distribution of around 100,000 commemorative NFTs among those who pre-ordered the latest range of devices at that time, namely the Galaxy S22 and Tablet S8.

Token holders will benefit from the recent signing that paves the way for Theta Network to launch an offline NFT utility campaign. Together with Samsung, they will operate on the Galaxy NFT ecosystem, where they plan to connect the virtual to the real world using NFTs, as the firm stated:

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

As Samsung launches the new Galaxy Fold 4, it intends to extend the practical benefits of the NFTs. These will include discounts for everyone who has New Galaxy NFT. Holders first must install the NFT authentication software and tag their cellphones to validate their NFTs in retail outlets.

In addition to the gift certificates for Galaxy Z Fold4 and Z Flip4 purchases, this campaign also offers vouchers for E-cruises, the Show Golf outdoor driving range, and Shilla Duty-Free Shop. Furthermore, there will be Galaxy Store gift card giveaways.

According to Mitch Liu, co-founder, and CEO of Theta Networks,

With this agreement, we’re launching the world’s largest ever offline NFT utility campaign, where more than 100,000 NFT holders can use their Theta NFT online and offline through ThetaPass technology.

Moreover, it promises to continue growing retail and e-commerce store coverage and utility to provide more benefits to Samsung NFT holders.