LG Ventures into NFTs, Brings Marketplace into its Smart TVs

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Appliance manufacturer LG Electronics has recently released its non-fungible token (NFT) marketplace LG Art Lab. The platform will allow users to “buy, sell, and enjoy high-quality digital artwork”  on all US LG televisions.

“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started. LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.” said Chris Jo, the senior vice president and head of platform business of the company.

For now, only users in the US with an LG TV that runs webOS 5.0 or later can access the LG Art Lab app, which is available to download from the TV’s home screen. 

In addition, according to the appliance manufacturer, through the portal, users can buy and sell digital works made available through LG’s NFT drops. The TV’s Live Drops feature gives notifications alerts and aids the users to acquire a dropped NFT.

LG also noted that the first NFT drop is set to happen on September 22, 2022 and features a set of metallic-looking NFTs from sculptor Barry X Ball.

The purchasing of tokens is made possible through LG’s collaboration with Hedera network, an open source network, which developed an app that enables users to purchase NFTs via Wallypto, LG’s crypto wallet for smartphones. 

“Wallypto, built on Hedera, has been developing since September 2021… Its beta version of the wallet launched this week in August,” Jo explained to Techcrunch.

Hedera describes itself as the “most used, sustainable, enterprise public ledger for the decentralized economy” for it does not operate on the blockchain. Instead, it uses a blockchain alternative, called hashgraph

Their partnership with LG was initiated in 2020 when the electronics giant became one of the several corporations that serve as a governing member of the network.

The launch of the LG Art Lab was made eight months after LG Electronics said in a press conference that it was planning to incorporate NFT features into its smart TV. 

This article is published on BitPinas: LG Ventures into NFTs, Brings Marketplace into its Smart TVs

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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