Samsung Next Executive Believes Crypto Winter is a Chance for Investors
- Samsung Next has made huge investments in the crypto space, especially NFTs.
While many people see the crypto winter as a hard time for crypto traders, Raymond Liao, the managing director at Samsung Next, believes this is the perfect opportunity for crypto investors. In a recent interview, Raymond confirmed Samsung Next’s growing interest in blockchain, artificial intelligence and the metaverse.
In recent months, Samsung has made several investments in the Web3 space as it believes the industry is the future of technological advancement. Samsung Next has become heavily involved with “MachineFi,” a term the IoTeX project uses to describe a not-so-distinct time where web3 powers a machine-based workforce. Speaking of Samsung’s interest in Web3, Raymond said,
So, you can see that what IoTeX is going after fits into several of our focus areas. […] And I hope we can contribute to the further success of the MachineFi vision. It is very exciting.
In his opinion, the present crypto market offers investors more opportunities than last year. The Samsung Next executive believes project builders have the perfect opportunity to benefit from Web3. However, he claims the focus should be shifted from offering huge yields to creating utility. He remarked,
It’s now time to sit down and implement. We need more utility out of this web3 amazing infrastructure.
Raymond singled out the NFT industry as the perfect example of the utility of crypto assets. NFTs have found their way into almost all aspects of society and industry and have been adopted as valuable assets. Sports companies, music labels, fashion firms, social media companies etc, have all dived into the NFT market for different purposes.
Earlier this year, Samsung showed its interest in NFTs when it announced plans to create an NFT aggregator that will be integrated into smart TVs. However, that was only one of its investments in the Web3 space. The gadget creator has made other investments, including offering NFTs as rewards.
Samsung Electronics entered into agreements with several physical retailers based in Korea to promote the use of its Galaxy NFTs in the region. Samsung intends to provide customers with various services through these NFTs, including rewards like offline discounts at affiliate retailers.
The New Galaxy NFTs were introduced in February 2022 as a result of a collaboration between Samsung and web3 company Theta Labs. Buyers who placed orders for the Galaxy S22 series and the GalaxyTab S8 were the first to receive them.
NFTs have become a popular tool that most brands use to reward loyal customers and expand their base. In addition, these NFTs can sometimes be sold on some popular NFT marketplaces. NFTs are digital arts that leverage blockchain to ensure ownership. NFTs can be anything from pictures, artworks, reels, etc.
NFTs were one of the most popular assets during the bull market of 2021, selling for several millions of dollars. However, many critics have dismissed these digital assets as overhyped and environmentally unfriendly due to the energy-intensive nature of cryptocurrencies.
However, despite suggestions that NFTs have declined, studies have shown that many crypto investors prefer to invest in NFTs during this bear market than in any other crypto assets.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
