LG Electronics announces NFT platform for TV screens
Seoul-based electronics giant LG Electronics has launched a new non-fungible token (NFT) platform using the Hedera blockchain. This is a project that the company will support as a member of its board of directors. The company’s platform is called LG Art Lab.
According to the announcement, customers will be able to buy, sell and display digital art in the form of NFTs on their TVs. LG’s foray into the NFT space follows Samsung’s release of his NFT Marketplace on his three TVs powered by Nifty Gateway.
The LG Art Lab has been announced to be available in the US on TVs running webOS 5.0 and above. This includes artist profiles and previews of upcoming work, as well as the ability to provide a countdown to upcoming NFT “drops.” The platform’s marketplace provides a place to trade items.
The Hedera network underpins the new platform, with transactions executed via his Wallypto, his LG-patented smartphone crypto wallet, which is currently in beta testing.
“Many people have heard of NFTs and want to be part of a growing ecosystem, but getting started can be very complex and difficult. It is designed to allow millions of users to easily access and view NFTs without coding themselves or interacting directly with the blockchain.”
Earlier this year, LG announced plans to bring the capabilities of his NFT platform to its smart TV series. The move follows a similar move by rival Samsung Electronics. This is because both LG and Samsung are two of the biggest players in the global TV market. In addition, LG was the leader in global consumer electronics sales last year worth around KRW 27.11 trillion (roughly Rs. 1.57825 trillion).
LG Electronics announces NFT platform for TV screens
So far, LG and Samsung have maintained their commitment to integrating blockchain technology into new TV models and products. Additionally, LG in particular seems interested in the idea of doing the same with his Wallypto.
