It’s easy to tell how much a new industry is growing by how many partnerships are occurring. One of the most recent partnerships is between Samsung and Theta Labs Inc. Their collaboration resulted in a release of exclusive NFTs from Theta Lab’s Theta Network to celebrate Samsung’s new device models, the Galaxy S22 and Tablet S8 for customers who have pre-ordered.
While Samsung has only recently invested in metaverse technology, with a few speed bumps in the process, Theta Labs Inc. has found success in the metaverse since the very beginning. Their streaming communities: Theta Network and THETA.tv focus on different aspects of the expanding metaverse. The Theta Network offers users a next-generation video and entertainment blockchain program. While THETA.tv is designed as a decentralized live-streaming platform. Theta Labs Inc. has found its market niche in allowing pre-existing video platforms (like Lionsgate) to boost revenues. While reducing video delivery costs as well as allowing users to stream video on any device, including mobile and PC.
More recently, Theta Labs Inc. launched the ThetaDrop NFT marketplace, staking its claim in the NFT industry. This NFT marketplace is a collaborative hub of partnerships, as Theta Labs Inc. has also partnered with Entain Group (partypoker). As well as World Poker Tour, Katy Perry, Jukin Media, and Fuse Media. In order to offer some of the most exclusive NFTs the metaverse, market has to offer. Their most recent partnership with Samsung has brought in a new collection of Samsung-themed NFTs to their platform. ThetaDrop differs from other NFT platforms in that it’s designed for entertainment and media specifically. The platform offers significantly lower costs for minting NFTS. Along with lower gas fees and 100x faster transaction times on Ethereum. The infrastructure is also more environmentally-friendly. Theta Labs has built the proof-of-stake (POS) model from the ground up. Using a fraction of energy resources compared to other platforms.
For customers in South Korea who have pre-booked and pre-ordered the new Samsung devices, they will receive a customized commemorative NFT through their new device after pre-order season. Using ThetaDrop, the customers can use their one-of-a-kind code (given through the “Samsung Members” app) to claim their NFT and activated for collection after the pre-order period ends. Then customers can view the computer-generated art that they received thanks to Theta Labs Inc. and Samsung.
The partnership between the two companies offers implications for the metaverse industry as a whole. According to Mitch Liu, co-founder, and CEO of Theta Labs Inc: “Our NFT collaboration with Samsung Electronics truly exemplifies global adoption of Theta’s blockchain technology and marks an important milestone in the growth of our core blockchain purpose-built for the video, media, and entertainment industry. These NFT’S provide unique customer benefits for pre-ordering Samsung’s flagship mobile devices, the first in the industry. We plan to provide ongoing membership benefits and privileges to Galaxy customers who own a Samsung Theta commemorative NFT and look forward to building a long-term community among members.” This partnership between Samsung and Theta Labs Inc. may reflect the bigger trend of partnerships happening in the metaverse, as big companies are using NFT technology to appeal to a new target market, with significant success.