By
Chimamanda U. Martha
April 22nd, 2024
The new MoU comes as a follow-up to an earlier partnership deal between the duo.
Tech giant Samsung has just inked a Memorandum of Understanding (MoU) with video delivery network Theta Labs. The deal is part of the firm’s renewed efforts to bring virtual experience to its users, particularly those who own its latest range of Galaxy mobile phones.
Samsung will Work with Theta Labs to Reward Customers with Offline Benefits
The new MoU comes as a follow-up to an earlier partnership deal between the duo. Recall that in February, Samsung Electronics teamed up with Theta Labs to issue commemorative NFTs to those who pre-ordered the new Galaxy models. That includes the S22 series and tablet S8.
However, seeing as there are close to 100,000 holders of those NFTs, there appears to be an ever-present need to bring the rewards of possessing those tokens, even into the offline world. And that’s exactly what necessitated this MoU.
According to the announcement, “Samsung Electronics is promoting consumer experience innovation that connects non-fungible tokens (NFTs) in the online virtual world to offline real benefits.”
Meanwhile, the MoU also includes some retailers across South Korea. These retailers will play their parts in the innovative campaign. They include the likes of Show Golf, E-cruise, Shilla Duty Free, Alllink, and Galaxy Store. Essentially, the promotion – which starts this month, is open to all NFT holders in possession of the New Galaxy NFTs. And the retailers may now begin offering Galaxy NFT holders a more diversified range of utilities. Although the benefits that NFT holders stand to gain will vary from one retail store to another. For instance, while Galaxy Store will be doing gift card giveaways, E-cruise and Show Golf will be issuing vouchers for rides.
NFT Transaction Activities Are Picking Up Again
A recent report by blockchain data firm Chainalysis, claims that there has been a massive drop in NFT activities in 2022. That is when compared with the explosive growth it saw in the previous year. However, the same report also confirms that NFT transactions may finally be awakening after a long down period.
Chainalysis claims that as of May 1, 2022, collectors have sent no less than $37 billion to NFT marketplaces. Interestingly, that is just a few billions shy of the $40 billion that was sent in 2021.
For what it’s worth though, the Samsung Theta partnership could not have come at a better time than when the number of active NFT buyers and sellers is growing at such a fast pace.