When Samsung announced at CES 2022 that its new 2022 QLED TVs would include an NFT marketplace, some eyebrows were raised. For some, this represented a major shift in the way NFTs are purchased and consumed…for others, well, it marked another venture down a lucrative rabbit hole that could set a bad precedent for the industry.
Whatever your current perspective on Samsung's NFT project, the company has announced that it is doubling down on its business with a new partnership with Nifty Gateway.
Nifty Gateway, in case you're not familiar with NFTs, is an online digital art auction platform, essentially the place where people buy and sell NFTs. Once you get one from the Nifty Gateway, you can stream it directly to your TV.
For NFT enthusiasts, having the ability to buy, trade, sell and display their products right on your Samsung TV will be a game-changing opportunity, but as with NFTs, Samsung's new investment could come with some risk.
Are non-fungible tokens the future?
Whether we like it or not, NFTs are everywhere. They have overtaken cryptocurrencies as a new tech buzzword and even Saturday Night Live has turned them into a song.
But, when it comes to NFT's longevity, the jury is still out.
By installing an NFT platform directly on your TVs, you lend credibility and will likely enable more widespread adoption of the technology.
Part of the reason NFTs haven't found their way onto more people's computers is their volatility. They seem to appear overnight, reach critical mass, and then drop in price, like some online scams.
There are a number of examples of this, but Jake and Logan Paul's harrowing experience where the couple lost a lot of money on NFTs in 2021 or the rug giveaway shows where NFT makers promise an experiential component and then run away with the benefits before delivering both. it occurs to me.
What Samsung is doing here, however, certainly strengthens the case for a future NFT: By installing an NFT platform directly into its TVs, it lends credibility and will likely enable more widespread adoption of the technology.
In that way, Samsung's partnership with Nifty Gateways is pretty exciting. But does it set a bad precedent? Are there any downsides to Samsung's newfound enthusiasm for NFTs? Not yet, really. But there could be time on the road.
The Hidden Problem of Connecting Your TV to the Blockchain
When it comes to home entertainment devices, TVs are pretty much the best. They have been perfected over the years to be sharper, faster, brighter and more colorful. Recently, TV manufacturers have improved their handling of 4K/120Hz inputs and newer HDR formats.
A lot of research and development has gone into getting them to this point.
Since the advent of smart platforms, software development has always been part of a TV development roadmap, but integrating NFT platforms could mean sacrificing some of the time spent implementing and improving other technologies.
Clearly, there's money in NFTs - a lot of money, it seems - but we fear the lure of profit will eat away at the development of better features, setting off a domino effect with other manufacturers looking to find new ways to maximize profits from TVs post-marketing. point. selling.
Historically, smart platforms are not that secure
In the past, scrambling to make extra profit from TVs has led TV makers to do some pretty shady things: Vizio previously monitored viewing data from 11 million TVs without consent.
There is inherent risk in adding a financial service to a smart TV platform, not to mention security and privacy concerns.
Since then, we have seen data leaks, voice data collection and direct attacks on some smart TV platforms like Android TV. And while no one wants their personal data stolen (having a stranger log into your Netflix account is bad enough), having your financial investments withdrawn is a different story entirely.
There is inherent risk in adding a financial service to a smart TV platform, not to mention security and privacy issues.
For many, we imagine, these may outweigh the benefits.