The announcement stated:
"Samsung Electronics is promoting consumer experience innovation that connects non-fungible tokens (NFTs) in the online virtual world to offline real benefits."
It has been reported that the firm said the NFT ecosystem would promote “consumer experience innovation” by connecting the virtual world with benefits in the real world. Samsung intends the NFTs to serve as a way to deliver “practical benefits” such as customer discounts and an authentication tool – details will be confirmed at a phone unveiling event scheduled for August 10.
However, according to CNET, at the event, Samsung will launch the Galaxy Fold 4, which is rumored to have an improved hinge design, slimmer build, and a Snapdragon 8 Gen 1 Plus featuring 4-nanometer process technology. Taken in conjunction with the list of partners per the MOU, the Korean language press release suggested an in-person/retail component to the utilization process.
The report said that it mentioned a list of retail partners, including the company’s in-house Digital Plaza stores.
The report stated:
"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 role of Theta Labs is to issue the Galaxy NFTs, whereas NFC payment solutions firm Allink provides authentication services.
Mitch Liu, the co-founder of Theta Networks, said:
"Theta is launching the world’s largest ever offline NFT utility campaign. More than 100,000 NFT holders can use their Theta NFT online and offline through ThetaPass technology. This is only the beginning, and we will continue expanding retail and ecommerce store coverage and utility to broaden benefits to Samsung NFT holders."
Likewise, ThetaPass refers to an NFT ticketing system to access virtual events, first mentioned in January. Theta Networks and Samsung had previously partnered on an NFT digital collectibles project in February to celebrate the Galaxy S22 and S8 Tablet launch.
Pre-order buyers of the above models in Korea could claim free NFTs by registering on Theta Network’s NFT marketplace – ThetaDrop. The process involved using a unique code received via verification through the “Samsung Members” app.
Thus, at the time, Liu said the collaboration “exemplifies global adoption of Theta’s blockchain technology.” And that he looked forward to building a long-term community through this opportunity.