- Samsung has officially announced a range of smart TVs compatible with NFTs in partnership with Nifty Gateway, the Gemini exchange-owned NFT platform.
- The electronics giant announced the NFT integration at CES in January, but there are questions about whether consumers really need to buy and store their NFTs on their TVs.
One of the world’s largest consumer electronics companies has announced the world’s first smart TVs that are compatible with non-fungible tokens (NFTs). Samsung partnered with Nifty Gateway on the project which it first announced three months ago.
Read More: Samsung bets big on NFTs with new TV-based NFT explorer and marketplace aggregator
Samsung has been a global leader in innovation for decades, be it with their smartphones (it’s the world leader ahead of Apple) or their other consumer electronics. The Korean behemoth is now the first to give consumers the ability to purchase and store their NFTs on their TVs.
In a March 30 announcement, Samsung revealed that its new line of TVs will come equipped with an interface that integrates Nifty Gateway, the OpenSea competitor that’s owned by the Winklevoss twins through their Gemini exchange. Users can purchase NFTs with their credit and debit cards or one of the cryptocurrencies supported by the Gemini exchange.
The NFT platform will be integrated into Samsung’s premium TV lines this year, including its Neo QLED and QLED sets. Those who already own Micro LED and The Frame sets can download the Nifty application to participate in the NFT frenzy.
Griffin Cock Foster, who founded Nifty in 2018 alongside his brother Duncan and then sold it to Gemini a year later, told one news outlet:
Through our partnership with Samsung, one of the global leaders in electronics, together we will expose millions of mainstream users to NFTs. Last year, NFTs had a breakthrough moment specifically for the art industry. Creators and collectors were able to see the power of this technology.
Griffin believes that this year, NFTs will have an even better year, surpassing their $41 billion market value in 2021. Nifty’s partnership with Samsung will provide users “a seamless way to buy and collect NFTs,” he said.
“We couldn’t be more excited to have a partner such as Samsung align to our mission.”
Do you really need NFTs on your Samsung smart TV?
There were some who expected Samsung to partner with OpenSea, the dominant NFT marketplace on which buying and selling are quite easy and optimized. The electronics giant, however, chose to work with Nifty, probably because it allows users to store their NFTs in its wallet, rather than having to ship them off to other wallets. This makes it easier for TV owners to buy and store their NFTs even without prior experience.
LG Electronics, the Korean company that quit making smartphones and is now focusing on TVs and other electronics, will also be launching its own line of NFT-compatible smart TVs.
But do you need a TV that stores your NFTs?
One Korean NFT enthusiast recently voiced what has become a popular opinion – that TV manufacturers don’t need to jump in on the NFT frenzy. Chung Seung-mo told one outlet:
I don’t really see a point in there being an NFT trading platform on my TV. When it is still inconvenient to surf the internet on what you call a Smart television, I don’t think it will be a very pleasant experience buying an NFT on TV.
Others have taken to social media to point out the obvious disconnect between TVs and NFTs.
Thats cool, but I just don’t see what their strategy is, I mean if you’re out and about and you find an NFT you want you’re first instinct probably isn’t the TV because a TV isn’t mobile. I only see this as Samsung’s way of cashing in.
— KNNY | All bases | MP | NG | KO | Happening now (@0xKNNY) January 3, 2022