Privacy and Security Red Flags are concerns in Samsung’s Metaverse

As Samsung opens its first store in the metaverse and introduces Smart TVs that can trade NFTs, it is ramping up its presence in the virtual world. Samsung’s new smart TV sets will allow NFT enthusiasts to show off their latest collections to their friends and families. Nonfungible tokens are one-of-a-kind digital objects purchased with cryptocurrencies and buying them on a Smart TV is possible in Samsung’s metaverse. There’s more to it. South Korean tech giant has opened a new store within the metaverse called Decentraland. The platform is based on Ethereum. Technology has joined art, fashion, music, and sustainability at the new store said the company.

Samsung’s metaverse and trade platform

As part of Samsung’s metaverse, starting Jan 17, users can virtually observe the Australian Open from the Rod Laver Arena and attend concerts with NFT passes. Samsung’s virtual world features top auction houses including Sotheby’s and a Soho Plaza devoted to art and pop culture icons. It also has virtual casinos and other gaming options such as mini-golf and poker. There is also a museum district and a zoo in the virtual lands.

Samsung unveiled last week a platform at the Consumer Electronics Show. That lets users trade NFTs on its newly released smart TV sets, despite experts describing it as a minefield for hackers. Samsung’s new smart TV models, Micro LED, Neo QLED, and The Frame, feature Samsung’s NFT explorer and marketplace aggregator that is accessed from television screens.

Security Concerns

According to Naomi Brockwell, tech journalist, film and TV producer, and creator of privacy, tech, and crypto channel NBTV, “Smart TVs are notorious for being hackable… Many Internet of Things (IoT) devices is bad at protecting themselves. I would not recommend that you connect your TV to the internet, much less have an embedded wallet searching for and purchasing NFTs”. Brockwell told crypto and tech news website Coindesk. According to William Foxley, editorial director of Compass Mining, a marketplace for bitcoin mining. These features might make it easier for hackers to steal passwords.

The competition will be fierce

The announcement of Samsung’s entry into the metaverse comes at a time when companies like Facebook, Google, Microsoft, Nike, and Roblox are racing to build their metaverse. According to Wedbush, last November, investors could create digital assets like NFTs with financial incentives through the metaverse. Meta Platforms’ metaverse involves a $10 billion project. To transform Facebook criticized the social-networking system. And the related family of apps into what founder Mark Zuckerberg refers to as an embodied internet.

Samsung’s 837X store

With Samsung’s metaverse, fans can purchase exclusive digital assets. These include land and wearables and embarking on mystical quests. That leads to exclusive NFTs and a live mixed reality dance party. A virtual version of Samsung’s 837X store will be available to Decentraland visitors for a limited time, modeled on the physical store in New York City.

The Samsung 837X exhibit tells an exclusive story about connectivity, sustainability, and customization in a one-of-a-kind setting. Said Michelle Crossan-Matos, senior vice president of corporate marketing and communications at Samsung Electronics America. The company stated that virtual experiences in the metaverse are unique which cannot be replicated elsewhere. Upon completing quests, fans will receive 837X NFT badges from the store.

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