South Korean company LG Electronics has launched an NFT platform compatible with its smart TVs, allowing users to trade and manage these digital assets from their homes.
LG Electronics is using the Hereda Hashgraph public network to launch its new non-fungible token (NFT) platform LG Art Lab. For now, this platform is only available to US users, the company said. However, LG plans to bring NFTs to millions of people around the world, so it is possible that in the future the company has plans to expand access to its new non-fungible token platform in other countries.
Through LG Art Lab, the Korean company is bringing NFTs to its smart TVs, turning them into authentic digital markets for this type of asset, which the brand's users can access from the comfort of their homes.
NFT art comes to LG TVs
LG Art Lab will allow users to manage, buy, sell and display digital works of art in NFT format through smart screens of the brand. The Hereda network reported on Twitter that LG's new NFT platform is compatible with smartTVs running the webOS TV 5.0 operating system onwards, such as LG OLEDs.
Although interest in NFT tokens has decreased considerably this year, major brands continue to take advantage of the opportunities offered by this type of digital asset.
According to Hereda, in addition to strengthening his brand, The South Korean company is bringing new technologies into the real world, facilitating access to NFT art to thousands of people through a highly scalable, low-cost and, above all, efficient and environmentally sustainable public network.
LG's Senior Vice President and Head of Platform Business Chris Jo told TechCrunch in an interview that many people looking to get into NFTs find the market too complex and difficult to get started with. That's why, through LG Art Lab, the company offers direct and easy access to non-fungible tokens, eliminating the need to interact directly with code or a blockchain.
One of the key features offered by LG Art Lab is “Drops,” which profiles artists and notifies users in real-time about a specific NFT artwork, “to make sure they don’t miss out on an opportunity,” Jo said.
While LG’s vision is to turn its smart TVs into NFT marketplaces, the first consumer tech brand to incorporate non-fungible tokens into smart TVs was Samsung, which launched an NFT marketplace aggregator earlier this year to make it easier for its users to buy and sell these tokens from their screens.
Wallypto, LG's cryptocurrency and NFT wallet
LG Electronics users can buy, sell and manage their NFTs through the brand's smart TVs thanks to wallypto, a cryptocurrency and non-fungible token wallet also based on the Hereda Hashgraph network.
Through this wallet, it is possible to manage and transact NFTs using a QR code that can be scanned from a mobile device.
Last week, Korean news outlet News1 reported that Wallypto would be available this quarter and would allow the company to integrate its smart products with LG ThinQ, an Internet of Things (IoT)-based solution.
Despite LG Art Lab promising big things with NFTs, Emma Roth, editor of the American news network The Verge, said she had explored LG’s new NFT platform and that, at least for now, “there’s not much to do there.”
Continue reading: Half of Americans don't know what an NFT is
