Samsung and Web3: A Budding Love Story

Samsung, the electronics behemoth, may be on its way to becoming one of the most important players in Web3. Samsung has become entwined with the Web3 ecosystem through several partnerships and announcements over the last few years, as well as large investments.

Samsungs Web3 Moves

The 837X metaverse, the integration of the blockchain protocol Pass, the NFT gallery television, and even a reforestation project are among the company's recent blockchain and Web3 ventures. Adopting and integrating blockchain technology appears to be a top priority for large corporations lately.

According to Forbes, Samsung is the 14th largest company in the world, larger than ExxonMobil, Verizon, and Walmart. The communications conglomerate is a powerful and influential figure on a global scale. Companies like this, which are taking part in Web3, are just one of the reasons why the blockchain industry is booming.

Samsung and NFTs

Samsung has signed agreementswith a number of physical retail outlets to help expand the utility of the New Galaxy NFTs. Samsung introduced this collection earlier in 2022, giving it to customers who pre-ordered certain products. Through these NFTs, the company intends to provide a wide range of utilities, including off-chain rewards and discounts.

Samsung executives have been outspoken about their views on mainstreaming blockchain and Web3 technologies. "By providing practical services to NFT-holding customers, customers will gain in-depth consumer experience with digital assets." This was the most recent official comment, following Samsung's Pass integration.

This recent announcement was made possible thanks to a collaboration with Theta Labs, a blockchain company specializing in decentralized video API.

Pass Identity Integration

Samsung Blockchain Keystore is compatible with SK Telecom's Pass security solution. Samsung previously implemented its own blockchain solution to improve phone security, which is inaccessible to the rest of the Android operating system. Samsung BlockchainKeystore gives the consumer control over their data and private information, as well as a secure location to store private keys.

The Keystore area not only isolates and protects the information, but it is also invisible to the device's Android OS and is not saved to any external clouds. The Pass security solution will improve the security and usability of these Samsung tools.

The Pass solution, which is based on identity and privacy, was developed by South Korea's big three mobile operators. The ability to control personal information is the most appealing feature of the service, which is used by over a million people. Pass allows people to prove their age without revealing all of the information on their ID, as well as other similar acts that protect the consumer's identity.

Blockchain integrations in cell phones will be one of the most important aspects of mainstream adoption, and a partnership with one of the world's most popular project providers is an ideal fit. Blockchain offers a convenient and simple solution that will be available to anyone.

NFT TV Displays

As the NFT craze grew in 2021, many businesses sought to capitalize on the new digital asset's popularity. Samsung took a slightly different approach. Samsung announced an NFT television that would function as an art gallery in early 2022. For this innovative physical product, the company formed yet another blockchain partnership with Nifty Gateway.

Nifty Gateway, an Ethereum-based NFT marketplace, was acquired by Gemini Exchange in 2019. The partnership brings the Nifty marketplace to Samsung's new smart TVs. This not only enables a beautiful and convenient display of NFT collections, but also allows for marketplace buying, selling, and trading. The Nifty Gateways custodial wallet is used, and credit/debit cards are also accepted.

Samsung even collaborated with the world-renowned auction house Sotheby's to display art for sale at events. This was first tried in New York, where works by Andy Warhol and Alvar Aalto were on display. Sotheby's has previously auctioned NFTs, including work by CryptoPunks and DrifterShoots, making them an ideal partner to launch that NFT display TV. Traditional art is a great addition to TVs, removing the need for expensive work to be hung on the wall while maintaining quality.

For over sixteen years, Samsung has been at the top of the television industry and is one of the world's largest electronics companies. One of the quickest ways to bring on global adoption of NFTs is to integrate them into products that everyone on the planet already uses and owns.

Samsung Partners With Blockchain For Reforestation

Samsung has committed to planting two million coastal mangroves as part of a Madagascar reforestation project in the first quarter of 2022. The company collaborated with a blockchain-based firm to trace and track the initiative's progress.

Veritree boasts that two million trees were planted, 200 hectares were restored, and over 430,000 tons of CO2 were sequestered from the atmosphere. The 200 Hectares of land will provide approximately 4,000 days of work for local tree workers, while the carbon dioxide levels captured naturally from the air are equivalent to removing nearly 100,000 cars from the road for an entire year.

Veritree and Samsung provide widespread and long-term environmental benefits, demonstrating genuine initiative not only to adopt blockchain technology but also to assist the environment.

Communications Giant Builds Inside The Metaverse

Samsung and Decentraland joined together to create their own tiny portion of the metaverse at the beginning of January 2022. Samsung jumped into Decentraland's land-buying and construction program right away. Just two months after its debut, the 837X metaverse experience had more than 100k users visit it, and it became more well-known thanks to its connection to the South Korean company.

To access 837X, users must first sign up for a Decentraland account. After signing in, the avatar will be deposited in front of Samsung's virtual 837X building. Then you can go through the doors and fully immerse yourself in the digital world.

In addition to the virtual experience, the metaverse includes wearables and NFTs. The business even started a Discord group for the game. It's always encouraging to see such large organizations taking the Web3 arena so seriously by making wallet integrations on Decentraland secure and simple with Metamask.

Samsung has a long history of investing in the blockchain-based industry and has a number of relationships in the area. Samsung has a hand in everything, from NFTs and metaverses to markets and developer tools.

Big Web3 Investments

Samsung's blockchain investments are typically made through Samsung Next, and the company has a sizable blockchain portfolio. The following are some of Samsung's most notable investments in blockchain and Web3.

• Yuga Labs
• Axie Infinity
• Sandbox
• Dapper Labs
• FTX
• Nifty Gateway
• Theta Labs
• SuperRare
• Bitfusion
• MachineFi

Samsung has been investing heavily in the space, and it does not appear to be slowing down anytime soon. The industry requires massive, global corporations to enter the space from all sides. Investing, partnering, and sincerely believing in the technology are all extremely positive indicators for the future of the digital asset space.

Also published here.