LG Electronics Introduces NFT Platform for TV Screens Tapping the Hedera Blockchain Network

LG's strides into the NFT space following Samsung’s release of an NFT marketplace on three of its TV models.

LG Electronics Introduces NFT Platform for TV Screens Tapping the Hedera Blockchain Network

Photo Credit: LG Newsroom

LG Art Lab will only be on LG TVs

Highlights
  • LG is following Samsung and taking NFTs to TV screens
  • Samsung and LG are the two biggest players in the global TV market
  • LG's crypto wallet is currently in its beta testing phase
Advertisement

LG Electronics, the Seoul-based electronics giant, has launched a new non-fungible token (NFT) platform with the help of the Hedera blockchain — a project that the company backs by being a part of its governing council. The company's platform is called LG Art Lab. It will give customers a way to buy, sell and display digital art in the form of NFTs on their televisions, according to an announcement. LG's foray into the NFT space follows Samsung's release of an NFT marketplace on three of its TVs, all supported by Nifty Gateway.

LG Art Lab is available in the US on televisions running webOS 5.0 or later, per the announcement. It includes a feature that offers profiles of artists and previews their upcoming work, as well as a countdown to upcoming NFT "drops." The platform's marketplace provides a venue for trading pieces.

The Hedera network underpins the new platform, with transactions running through Wallypto, an LG-patented crypto wallet for smartphones that is currently in beta testing.

"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," Chris Jo, senior vice president, head of platform business at LG Electronics told TechCrunch. "LG Art Lab is designed to allow millions of users in the US to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves."

Earlier in the year, LG announced plans to incorporate NFT platform features into its line of smart televisions. This move followed a similar move by rival company Samsung Electronics. This is because both LG and Samsung are two of the largest players in the global TV market. Furthermore, LG led the way in global sales of home appliances last year worth around KRW 27.11 trillion (roughly Rs. 1,57,825 crore) in value.

So far, LG and Samsung have maintained their commitment to incorporate blockchain technology into newer TV models and products. Furthermore, LG, in particular, also appears interested in the idea of doing the same with Wallypto.


With the next Apple event due very soon, we dive into all the leaks and rumours surrounding iPhone 14 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Realme C33 Price in India, Specifications Surface Online Ahead of September 6 Launch: Report
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »