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Samsung Uses Nifty Gateway to Create NFT Platform for Smart TVs

The Nifty Gateway marketplace will be available on Samsung’s latest premium TVs, allowing customers to view and purchase NFTs from the comfort of their own home.

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While many firms are creating custom displays for NFTs, Samsung is taking a different approach by including NFT capability in its smart TV sets, possibly allowing a far larger audience to collect NFTs.

Today, the IT company revealed the NFT industry partner who would help it bring its smart TV interface to life. It’s Nifty Gateway, an Ethereum-focused marketplace launched in 2018 by brothers Griffin and Duncan Cock Foster and bought by cryptocurrency exchange Gemini in 2019.

Nifty Gateway collaborated with Samsung to create a TV-optimized NFT viewing, purchasing, and trading experience. It uses Nifty Gateway’s custodial wallet system, which secures users’ collectibles instead of requiring them to keep them in an external wallet. Users can now buy NFTs with a credit or debit card, as well as cryptocurrency.

“We will expose millions of mainstream people to NFTs through our cooperation with Samsung, one of the world’s leading electronics companies,” Griffin Cock Foster told Decrypt. “Specifically for the art business, NFTs had a breakthrough moment last year.” The potency of this technology was seen to creators and collectors.”

“This year, we want to see continuous growth from mainstream consumers by providing a smooth mechanism to acquire and collect NFTs for the first time ever,” he added. “We’re ecstatic to have a partner like Samsung on board with our cause.”

Nifty Gateway and Samsung

Samsung’s new 2022 premium TV lines, including its QLED and Neo QLED sets, will include the Nifty Gateway NFT platform, while owners of Samsung’s The Frame and Micro LED sets can download a Nifty Gateway app to acquire access.

At the CES trade exhibition in January, Samsung originally disclosed plans to include NFT technology into its new TVs.

Users will be able to see all artwork on the Nifty Gateway platform, whether it’s from Nifty’s own curated collections—which include prominent artists such as Beeple, Pak, and XCOPY—or NFTs gathered from other marketplaces. Last October, the platform began offering clients a wider range of NFT items in addition to its own handpicked deliveries.

The platform has already handled hundreds of millions of dollars in NFT trade volume, surpassing $300 million in May 2021 and experiencing some substantial decreases since then.

For example, digital artist Pak’s December release generated approximately $92 million in primary sales. In just ten minutes last week, an XCOPY open edition decline generated $23 million in trading.

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According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.

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Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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Square Enix intends to issue tokens and make a significant investment in Web3 gaming

By investing in blockchain gaming infrastructure, the big game producer is altering its business strategy to include a stronger NFT environment.

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Square Enix announced in its first-quarter results report that as part of its medium-term business strategy in 2022, it will include nonfungible tokens (NFTs) into more game goods.

According to Square Enix’s most recent earnings report, the company manages $3 billion in assets. The company controls the Final Fantasy franchise, which it sold for $300 million on May 3rd.

According to the report, the company began testing NFTs in February this year on the Shi-San-Sei Million Arthur game. If the pilot program is a success, the game’s NFTs will be renewed for a second season, and the company will expand its NFT and blockchain activities.

SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit, among the top priorities of its blockchain domain projects.

The company also announced that it intends to create an overseas organization that will be responsible for “issue, administering, and investing our own tokens,” implying that the company will begin to build a large gaming-token economy.

SE has been exploring its options in the blockchain gaming market with the help of Web3 gaming and metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, collaboration between the two companies is expected to deepen.

Square Enix’s gaming clout, according to Animoca’s executive chairman Yat Siu, will only help the company establish a blockchain gaming presence. On Monday, he said to Cointelegraph,

“Square Enix has long talked about the possibilities of blockchain games, so it understands it better than most of the traditional gaming titans.”

The third objective of the report’s medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda’s stated desire in January to increase his company’s involvement in such technologies.

Despite a broad cryptocurrency market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On Saturday, according to market tracker DappRader, there were roughly one million daily active gamers, nearly the same as on January 1.

Gamers, on the other hand, aren’t spending as much as they used to, with total sales volume for NFT game items falling 88 percent from $70 on January 1 to $8.7 million on Saturday.

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Ukraine’s Ministry of Digital Transformation has approved a charity NFT initiative to aid military operations

On Thursday, Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, tweeted his support for Avatars for Ukraine, a non-fungible token (NFT) project that benefits Ukraine’s humanitarian and defense efforts.

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The project includes 70 digital artworks based on Ukrainian imagery and resistance to Russian forces that evolved as a result of the Russia-Ukraine war. All earnings from the sale of digital art go to support Ukrainian war efforts. The Ukrainian Ministry of Digital Transformation has approved Avatars for Ukraine, and the first NFT will be released on May 19.

This isn’t the first time Ukrainian officials have used blockchain technology to help fund war activities. The Ukrainian government opened a website in April this year where people could purchase and trade NFTs to support Ukraine’s military efforts, as well as raise over $100 million in crypto donations.

Avatars for Ukraine also joins a growing trend of NFT projects assisting in the donation of monies to charity, with some or all of the proceeds of NFT art going directly to the charity.

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