NFT: Samsung is ahead of Apple by launching a dedicated ecosystem

News hardware NFT: Samsung is ahead of Apple by launching a dedicated ecosystem

Samsung Electronics leads the web3 race. By developing a collaboration with several companies in the sector, the South Korean giant wants to establish itself in the field of NFTs before its competitor called Apple.

A partnership with industry references

In a logic of adopting new technologies related to the web3, Samsung announced that it is developing an ecosystem called “Galaxy NFT”. The news comes from a report published in the South Korean press. In these writings, we know that the brand collaborates with six companies:

  • Theta Labs (NFT show)
  • Alllink (NFT Authentication)
  • E-cruise (NFT certification)
  • Digital Plaza (NFT certification)
  • Shilla Duty Free (NFT certification)
  • Show Golf (NFT certification)

Through this alliance, the electronics company aims to create a complete protocol dedicated to NFT.

In fact, the Galaxy NFT project should provide many advantages to customers. Among these advantages, Samsung explains that the community and holders of the New Galaxy NFT can have access to exclusive discounts provided by the certification of the various partners above.

To do this, the “Galaxy NFT” ecosystem is deployed on the Moonbeam platform, a multi-chain (briefly, a bridge connecting 2 blockchains) that considers Ethereum smart contracts in the Polkadot network.

The project is not new because the brand has been “seizing” it on tablets and smartphones for several days. In fact, customers who pre-ordered a Galaxy Z Flip 4 or Z Fold 4 were delighted to receive a “New Galaxy NFT”.

Samsung wants to develop its web3 branch

Despite the significant decline in the NFT market, some companies are determined to create an ecosystem dedicated to these non-fungible tokens. Among the companies that want to democratize the use of blockchain, we find especially the electronics giant Samsung.

In fact, the brand that seems to be familiar with Web3 technologies has multiplied the announcements aimed at democratizing this new sector among its customers. The Korean company is not in the first test of web3 since January 2022, it set foot in Metaverse. For the occasion, Samsung replicated one of its physical stores in the virtual world of Decentraland to sell NFTs there.

With a view to adopting non-fungible tokens on a larger scale, Samsung has even gone so far as to offer a television that integrates the Nifty Gateway platform dedicated to NFTs, so that customers can display the their “blockchainized” works on the 8K screen are like a painting.

Samsung NFT

Finally, in June, Apple’s competitor even created its own Discord community server dedicated to web3. The initiative was successful because Samsung’s server in the US reached more than 100,000 members, just 12 hours after its launch, showing the strong demand for this type of experience on the web3.

With this new announcement, the brand confirms its interest in NFTs:

“Samsung Electronics will continue to transform the customer experience connecting the virtual world and the real world using NFT with various partners.” said a Manager of Samsung Electronics.

Samsung seems determined to continue exploring this new path. By developing tools at the beginning of the NFT era, the company can establish itself as a leader in the sector before the possible arrival of Apple in the sector of non-fungible tokens.

About NFTs

What is an NFT?

NFT is the abbreviation of Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.

By taking advantage of this technology in the genesis of cryptocurrencies, NFTs inscribe inviolable properties in this virtual register. As a result, NFTs are real proofs of digital ownership.

Does an NFT need an image?

A distinction must be made between an NFT and its associated object. In fact, the non-fungible token is above all a virtual property certificate and not the digital file as such. NFT is usually associated with a photo or video, but it can also be in the form of text, music or any other digital format.

What are NFTs used for?

NFTs are often used to assert property rights online. Thus, the owner of a sign of a virtual work can collect royalties, ensure respect for the intellectual property of his digital object, etc.

This feature enables NFT to illuminate art by creating value and rarity in digital images available on the web. Also, more than art, this technology offers many uses in many sectors such as video games, the tracking of a product, etc.

How is the value of an NFT defined?

These tokens are not fungible, ie have a unique value unlike cryptos, which are fungible (1 bitcoin = 1 bitcoin).

So the price of an NFT is arbitrarily set by the owner of the token. This price is usually in cryptocurrency, usually in Ether (ETH).

How to buy and sell NFTs?

NFTs are usually bought or resold on trading platforms such as Opensea or Foundation.

What is NFT mint?

“Mint” or strike in French, is the initial process of selling a token. To permanently become part of the blockchain ledger, these new tokens must be minted. Through this action, the user comes to complete a transaction with his payments to see his token appear first hand on the blockchain.

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