Samsung Ventures into NFT Technologies with New Investment in Portfolio Company | Latest Investing News on April 26, 2024
Samsung Next, the South Korean conglomerate’s future-focused investment group, has taken a stake in Metablox, a decentralized physical infrastructure network (DePIN) backed by NFT Technologies (NEO:NFT).
MetaBlox is dedicated to eliminating pain points on public wifi networks. The company’s flagship product, Roam, is a global wifi network that uses blockchain-based security to put an end to repeated log-ins, reconnecting, password sharing and redundant registrations. Roam includes 164,689 hotspots to date in more than 126 countries, and is enabled for token rewards to incentivize further global expansion.
Samsung Next‘s capital injection will support Roam’s continued development and market presence, positioning NFT Technologies to capitalize on the value-added service as 5G connectivity becomes table stakes for telecom providers and cellular traffic continues its exponential growth.
Management insights
“Our commitment to investing in and developing DePIN infrastructure has positioned us at the forefront of the digital revolution,” Wayne Lloyd, NFT Technologies’ chief executive officer, said in a statement. “This strategic focus has always been not only about advancing technology but also about creating sustainable value for our investors and partners. The success of Metablox and the recognition by such a massive player like Samsung Next exemplify the potential of our investment strategy and our visitation of the decentralized future.”
About NFT Technologies
NFT Tech builds and invests in projects that drive Web 3, blockchain and artificial intelligence adoption through real-world utility.
NFT Technologies stock (NEO:NFT) last traded at C$0.02 per share. The stock is down by 33.33 per cent year-over-year, and has lost 96.4 per cent from its all-time high in 2022.
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