Samsung Goes All In On Crypto, NFTs and The Metaverse

In what continues to become the month&rsquos hottest story, Samsung has made multiple announcements pertaining to cryptocurrencies, NFTs (non-fungible tokens) and even the metaverse itself. As the cryptocurrency and DeFi sector continues to gain more traction and mainstream adoption, many were pleasantly surprised at the revelation that Samsung looks to become increasingly involved with this industry, and whether this could potentially open the doors for even more companies to enter it as well in the foreseeable future.
 
&lsquoNFT Aggregation Platform&rsquo
To begin with, the new Samsung smart TVs will include a built-in, user-friendly NFT platform that shall allow customers to explore and trade digital works from the comfort of their sofas. The company revealed its intentions to launch a new smart TV series with integrated NFT functionality, allowing users to browse, purchase, sell, and show content through a tailored platform.
Customers will reportedly be allowed to explore as well as purchase NFTs directly from their TVs via the new &39NFT Aggregation Platform,&39 which shall be available on Samsung&39s MicroLed, Neo QLED, and The Frame models. The site imports NFTs from other marketplaces, enabling visitors to view the art and find other relevant details like who created the piece alongside important blockchain metadata.
Furthermore, those who already own NFTs can use the site to exhibit their collection. According to Samsung, its &39Smart Calibration&39 technology will be able to automatically alter the television&39s settings to properly match the original creator&39s standards, guaranteeing that the image is delivered as accurately as possible via the TV.
 
Cardano exposure
Aside from NFTs, Samsung has also partnered up with Veritree through which the electronics manufacturer will gain access to the Cardano (ADA) blockchain. The collaboration is part of Samsung&39s land restoration initiatives, and also gives the corporation access to not just Cardano, but the wider blockchain sector.
In 2022&39s first quarter, 2 million trees shall be planted as a result of the collaboration. As part of the company&39s commitment to mitigate the consequences of climate change, mangrove trees will be planted in Madagascar. Planting these trees would appear to be a smart move since they store ten times more carbon than other tropical forest plants, according to the latest reports.
Moreover, Cardano and Veritree have been working together for quite some time, with Veritree&39s own verification records pertaining to reforestation being maintained on the blockchain. This subsequently allows for the certification of data from planting locations and the linking of every contribution to the area it helped repair.
 
Entering the metaverse
As if that weren&39t enough, Samsung has also entered the metaverse sector through a partnership with Decentraland (MANA), an Ethereum-oriented virtual reality platform. In Decentraland, the company has hence built a digital counterpart of its real-world flagship 837 store. The actual store is located at 837 Washington Street in Manhattan&39s Meatpacking District whereas the virtual store, known as the Samsung 837X, shall be available in Decentraland for a short period.
According to Samsung representatives, this is one of the biggest and most significant brand land takeovers in Decentraland history. "The metaverse enables its users to go beyond physical and geographical constraints in order to create innovative, unique and memorable digital experiences which would not be possible otherwise," stated Michelle Crossan-Matos, Samsung&39s Senior Vice President of Corporate Marketing and Communications.
Although the Samsung 837X store would only be available for a short period in Decentraland, the company nevertheless intends to introduce additional similar experiences as the year progresses.