With less than five days into 2022, NFTs are already hitting the headlines. Commonly known as NFT, a Non-fungible token is a new type of cryptographic asset representing ownership over digital or physical assets. In most cases, they come in provably unique tokens whose scarcity is guaranteed by the underlying blockchain network. What’s more? They do not rely on any centralised registry to verify and track ownership. It is all done by automated smart contracts.
For years, Samsung has been teasing blockchain and cryptocurrency enthusiasts with their innovative developments in both hardware and software. Their latest Samsung Galaxy devices already have wallets installed with the ability to buy, sell and trade tokens natively using exchanges like Binance or Upbit.
Today, January 3, 2022, Samsung has introduced its NFT aggregation platform that is seen in their new smart TV launches. As reported by Samsung, these TVs will enable their users to browse, trade NFTs via their Neo QLED, New Frame types, and MicroLED.
Users will enjoy an aggregator and a display for NFTs from different marketplaces using this platform. Besides showing NFTs, the TVs will show all the information, including the creator’s or developers names and the blockchain metadata. Even more, the users can showcase their prized possessions in the form of NFTs.
Samsung has further encouraged and assured their clients that they will get a quality display for different NFTs. It has a smart calibration that automatically adjusts the television’s settings so that it matches the particulars of the creator.
“The work of the TV has changed so much in the past years especially with the enhancement in technology and the distribution of entertainment. With Samsung’s new products, we can assure our customers of a beautiful audio and video expedition. Users can personalize the platform depending on their needs and specifications. Regardless of whether you love movies, regular TVs, gamer, or art lover, you can be sure that Samsung has the right screen to transform your room into paradise.” This was reported by Samsung’s executive VP and the head of the marketing team. He is also the head of the visual display business at the big brand.
The new smart TV will also allow users to watch their favourite shows while simultaneously exploring unique marketplaces for digital goods via sub-channels or a browser built into the TV’s system. The Samsung Blockchain Wallet will be available for use on all compatible Samsung devices, including phones and smart TVs alike. Here is more about NFTs.
What Can You Do with NFTs?
NFTs are good for anything you could do with other types of cryptographic tokens, but they have some special properties. For instance, they can represent ownership or attribution of digital items, which gives new opportunities in the worlds of gaming and online communities. They can also be used to identify physical items, track provenance and ownership.
Top Benefits of Using NFTs
NFTs, give each owner a unique and unambiguous identity on the blockchain. They’re available for anyone to see, and once an NFT is owned by someone, it’s permanently associated with their address and can’t be claimed by anyone else. This means there’s no more confusion about who owns what – everything is trackable, and nothing can be lost.
Transparent Ownership Tracking
Because ownership of an NFT is given to a specific address, it’s easy for anybody to see what the current owner is and where the token came from (in case it was transferred). This makes them ideal as collectables or digital assets which need to be attributed to an individual.
Since NFTs are uniquely identified, they can easily be transferred from one person to another in a single transaction. This makes them ideal for digital items – gamers who buy and sell items online regularly will know that this can cause problems when it comes to digital assets. Still, NFTs solve this because there’s no central registry to control who owns what.
NFTs can be used to verify the authenticity of physical items too. Since each one is uniquely identifiable and impossible (in theory) to duplicate, it’s easy to track them when they’re sold. This is especially useful for high-value items – luxury watches are one example of something which would benefit from being on the blockchain.
Basic Asset Exchanges
NFTs can also be used to create basic decentralised asset exchanges, where individuals can trade assets securely without having to trust a third party broker. This will unlock a new type of trading economy and open new ways for businesses to create and manage tradable items.
The Dominance of NFTs from 2021 to Extend to 2022
The NFT market dominance has been steadily increasing from an estimated 1.5 million to upwards of 5 million in just a few short days. This is due to the ability of non-fungible tokens to provide significant benefits over other cryptographic assets such as fungible cryptocurrencies. In particular, they allow for tokenisation and trade of physical properties such as plots of land, digital artwork or even other cryptocurrencies.
2022 is the year that the first non-fungible tokens will be launched with significant mass adoption penetration thanks to their use on flagship devices from Samsung. NFTs are a very exciting innovation, and they could become a key feature for many industries in improved security and tokenisation.