Samsung to integrate NFT platform for its smart TVs

Samsung, the South Korea-based technology giant, has unveiled a new smart TV lineup that has an integrated non-fungible token (NFT) platform. In a Monday announcement, Samsung stated that the NFT Platform will be available on its 2022 smart TVs like the Neo QLED, Micro LED, and The Frame. The NFT Platform app will allow users to discover, purchase, and trade NFT or digital artwork.

“With demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater,” the company stated.

In 2022, Samsung intends to launch the world’s first smart TV NFT explorer and marketplace aggregator. The forthcoming system will allow viewers to browse and trade NFTs without ever having to leave their chairs. While it is unknown whether NFT platforms or marketplaces would be included in the aggregation process, Samsung has stated that its smart TVs will not alter the picture quality, instead preserve the values set by the NFT creators themselves.

Samsung joins the crypto and NFT craze

The South Korean multinational company has been aggressively investing in NFT and metaverse projects through its venture capital arm, Samsung Next, aside from incorporating them into its products. On Wednesday, the company also took part in an investment round for a metaverse gaming platform.

Along with Samsung, a number of other major corporations have jumped on board the NFT train. Coca-Cola entered the NFT in July 2021 for charitable purposes. Visa also acquired a “CryptoPunk” NFT for the sum of $150,000.

Not only companies, but many individuals including former United States first lady Melania Trump, have also jumped into the NFT world.

Meanwhile, digital art collections and digital collectible NFT sales dominated the market last year, accounting for 91% of all NFT transactions. As sales increase, an increasing number of NFT and metaverse-based enterprises are raising considerable sums of money to fund their respective projects.