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Samsung Taps Theta Network to Bring NFTs Along With Its Flagship Devices
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Blockchain ecosystems are seeing more developments around NFTs as institutions flood this booming industry.
Over the last few months, several brands have eyed the likes Polygon (Prada-Adidas and OneOf), Tezos (FloSports and Gap), and Solana (G2 Esports and Coachella) in their NFT ventures. Theta Network and Algorand are the latest names to join this list after bagging deals that would see NFTs hosted on the chains.
The former announced this week that it has partnered with Samsung on its commemorative NFTs project. Algorand shared a tweet detailing that it will host NFTs from FIDE Online Arena as part of a collaboration. More below:
Chess games to be converted to NFTs on Algorand
The official gaming platform of the International Chess Federation, FIDE Online Arena, has collaborated with Algorand blockchain to create an AI algorithm that generates unique 3D chess pieces.
“FIDE Online Arena x Algorand NFTs can be used as logos for chess tournaments as well as the ultimate chess memorabilia […] They can even be reproduced as exclusive fine art prints — the first-ever exhibition of the chess NFTs has opened in Berlin […] Most interesting games from the Grand Prix, were minted as NFTs, produced as art prints and exhibited in Berlin's Circle Culture Gallery,” a statement shared on the World Chess site read
This unique generative tool takes in-game data to engender the chess games, which are then minted into NFTs.
FIDE Online Arena x Algorand NFTs
The tool is available for free to all casual and professional gamers, and the pieces it creates can be traded or exchanged on NFT marketplaces hosted on the blockchain. Worth noting, Algorand has previously reached an agreement to host digital chess ratings for the FIDE Online Arena.
To learn more about Algorand, check out our Algorand guide.
Theta Network scores deal with Samsung on an NFT venture
The video-focused network Theta has partnered up with the electronics manufacturing giant Samsung to bring commemorative NFTs. These tokens will come along with the line-up of its new flagship Galaxy S22 series and the Galaxy Tab S8.
The drop shall occur exclusively in the said devices and be limited to South Korean customers who pre-order the models. With pre-orders having started last Wednesday (09th February), interested parties have until 25th February, when the devices are officially launched. Those who complete their pre-orders would receive NFT containers on those devices, though they will only become accessible after the pre-order period has ended.
The 2022 range of Samsung flagship phones. Source: Samsung
Customers will be required to join Theta's NFT marketplace, ThetaDrop NFT, before claiming their rewards. They must also have Samsung's community app, Samsung Members, which will generate a unique code they can apply at the marketplace to access the NFTs.
While it has not been revealed what particular rewards beneficiaries would enjoy, Theta Labs CEO Mitch Liu said holders of the commemorative collectibles would gain “ongoing membership benefits and privileges” as the initiative aims to foster an enduring community. Liu also observed that the launch illustrated how Theta has established itself as the preferred blockchain for video and entertainment.
A perfect fit
Theta is the singular most realistic option that Samsung could have gone with as the blockchain is built around a focus on media, entertainment, and video streaming/ delivery. The launch should be a win-win situation for the blockchain and the electronics company as Theta will get exposure to a new demographic. At the same time, Samsung will take a step further into the burgeoning NFTs niche.
Notably, this is not the first interaction between Samsung and the Theta Network. The former co-led a funding round for the blockchain in 2019 as part of its bid to expand into emerging tech, including blockchain and fintech.
When Samsung announced its 2022 TV line-up at the start of January, it revealed that NFTs were coming to MICRO LED, Neo QLED and Lifestyle TVs. Leveraging cutting-edge tech in display and personalization, Samsung said the NFT functionality would allow users to explore NFTs at a marketplace aggregator, purchase and display them all under one umbrella.
To learn more about Theta and its token, check out our Investing in Theta guide.
