Buying NFTs on Your TV? Samsung Is Making It Happen
By offering TVs that are NFT compatible with enhanced cloud gaming, combined with recent metaverse investments, Samsung is positioning itself as an early leader.
- Samsung announced that this year, its making three television models – MicroLED, The Frame, and Neo QLED -- which are all compatible with NFTs.
- Total revenue from NFT sales in 2021 exceeded $15.5 billion, at an average cost per NFT of more than $700 each. Additionally, more than 90% of those NFTs were some form of collectible or art.
Last year was a record-breaker regarding the sales volume for non-fungible tokens (NFTs) within the cryptocurrency space. According to the website nonfungible.com, total revenue from NFT sales exceed $15.5 billion, at an average cost per NFT of more than $700 each. Additionally, more than 90% of those NFTs were some form of collectible or art.
Samsung to offer NFTs via TV
Given the explosive growth in NFTs it's not a shocker to see Big Tech making a big deal about NFTs as well. This week Korean-based Samsung announced that this year, it's making three television models -- MicroLED, The Frame, and Neo QLED -- compatible with NFTs. Users who currently have NFTs can look at them on a larger screen than was previously possible, as well as view other details about the NFT such as facts about the transaction and who created the NFT, which will be gleaned from the blockchain itself.
Additionally, owners of these select TV sets will also be able to buy and sell NFTs directly from websites via the big screen. While Samsung didn't disclose which NFT exchanges it will partner with, the company's "Smart Hub" platform will reportedly be able to connect with a variety of NFT venues as would a smart device or laptop. The company also says that the sets will automatically calibrate to the NFT's optimal viewing settings as created by the artist.
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Cloud-based gaming seems to be a step toward play-to-earn
The company's announcement also showcased the launch of its new Gaming Hub, which it claims will enable players to discover and play their games faster through game streaming services. Samsung's announcement specifically named NVIDIA GeForce Now, Stadia, and Utomik as its first batch of cloud-based streaming partners for games.
While cloud-based gaming via a television is not new, combining the feature with NFT compatibility is new. While not specifically called out in the announcement, the combination of NFTs and online gaming is a logical first step toward play-to-earn (P2E) game play where users earn cryptos and NFT tokens based on their in-game performance. Ironically, the South Korean government recently banned all P2E gaming within its country, so perhaps that's why Samsung did not link the new gaming and NFT features of its 2022 TVs. There has not been an email response from Samsung's PR team regarding that specific question.
Samsung is focusing on the metaverse
Beyond gaming and NFT-compatible televisions, Samsung is also focusing on other projects related to the metaverse. Last Wednesday, the company took part in a funding round in support of a metaverse gaming platform through its venture capital division, Samsung Next, as well as a November investment in Sandbox, a project that's believed to be the on-ramp to the metaverse. It will be interesting to see if other tech players follow Samsung's lead.
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