Samsung introduce a new blockchain wallet app

Samsung introduce a new blockchain wallet app

By Onose Enaholo - min read
Updated 26 January 2023
Person playing VR game

Decentraland teams up with Samsung to streamline blockchain gaming with new functionality for the Samsung wallet.

Earlier this week Decentraland announced its partnership with Samsung, which will allow the integration of the Samsung Blockchain Wallet with its gaming tokens. Decentraland’s LAND tokens and Decentraland NFTs can be traded on the popular Samsung wallet.

NFTs, or non-fungible tokens, are a special type of cryptographic token that possess unique properties and are not interchangeable with one another. This differentiates them from cryptocurrencies that are traded in the markets – all of which can be freely interchanged.

NFTs create digital scarcity, which has led to some NFTs becoming collectable. In Decentraland’s ecosystem, NFT tokens are represented as LAND and can be used to purchase in-game play space.

Loads of tokens in blockchain gaming

The game operates on the Ethereum blockchain and all transactions will be recorded on it. With this recent collaboration, Samsung Blockchain Wallet can now facilitate in trades of LAND.

Another currency in Decentraland is MANA.

The MANA token is fungible and can be used to pay for goods and services in Decentraland, and even used to buy LAND. MANA is also built on the Ethereum blockchain and is an ERC-20 token.

All property that is purchased in the Decentraland ecosystem is 100% unique, owned, and controlled by the players, with 3D development kits to customise their land without coding.

Supporting the blockchain gaming space

In the past year, a few large gaming companies have entered into the blockchain gaming scene. Along with more funding, bigger tech companies bring existing users into the sector.

Atari created a native token and Square Enix invested in Animoca’s The Sandbox, so it isn’t difficult to see Samsung’s support of Decentraland as another move by big tech into blockchain gaming.

Large tech companies have the resources to create new gaming spaces and the trust that larger companies inspire may attract new players to the blockchain gaming space.

Planting the DeFi seed

In an effort to familiarise its customers with blockchain technology, Samsung has taken the initiative to expand support for blockchain functions throughout its budget models. In the past blockchain functionality was available only on its flagship phones – but this appears to be changing.

Samsung also recently started to cooperate with AERGO and could potentially bring decentralised finance (DeFi) instruments to its existing users. With its wide range of budget phones, Samsung could also assist the spread of DeFi to various regions of the world where people do not have access to banks.