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Samsung inks deals to use NFTs for offline shopping rewards

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Samsung Electronics made deals with several physical retailers based in Korea to promote the use of Samsung New Galaxy NFTs. Through these NFTs, Samsung hopes to offer customers a wide range of services, including rewards such as offline discounts in the partner stores.

The retail outlets include Samsung Digital Plaza, Shilla Duty Free Shop, Show Golf and E Cruise.

Launched in February 2022, the New Galaxy NFTs are a result of a partnership between Samsung and web3 firm Theta Labs. They were originally given to customers who pre-ordered the Galaxy S22 series and the GalaxyTab S8. Samsung’s newest product will be revealed on August 10, and customers who pre-order it will receive a New Galaxy NFT too.

Using NFTs as an access token to additional consumer perks demonstrates the value of NFTs beyond a marketing ploy. Through these deals, Samsung is tapping into a wider trend of using them for loyalty and rewards that could become key to the long term adoption of NFTs.

A Samsung Electronic official stated, “By providing practical services to NFT-holding customers, the customers will be able to gain an in-depth consumer experience of digital assets.”

Samsung is already acquainted with the blockchain space, having launched a smart TV NFT platform with Nifty and established its presence in the Decentraland  metaverse. Notably, Samsung phones have a Blockchain Keystone integrated in their software which is not available to the rest of the Android system and allows keys to be stored more securely.

The company was also an early investor in Dapper Labs known for its game and sports NFTs such as NBA Top Shot. Samsung America made headlines earlier this year for using blockchain technology for a reforestation project in Madagascar.

Image Copyright: Samsung