LG integrates an NFT marketplace on its televisions. LG Art Lab might appeal to some users.

In its long history, LG has never been the last to follow any trend, even the weirdest ones, so to speak. So it shouldn’t come as a surprise to learn that the South Korean electronics giant is getting into NFTs today. Starting today, if you live in the US and have a TV running webOS 5.0 or newer, you have access to the company’s new LG Art Lab platform.

LG integrates an NFT marketplace on its televisions

LG Art Lab is a marketplace for buying and selling non-fungible tokens (NFTs) right from your TV home screen. It is based on the Hedera network and uses LG’s new Wallypto mobile wallet to store digital assets. There’s even a countdown feature that will remind you when an NFT drop occurs.

The timing of the addition of this feature, on the other hand, is quite curious, to say the least. Judging by the trading volumes on OpenSea, the largest NFT exchange to date, the general public seems to have lost interest in these non-fungible tokens. On August 28, the marketplace recorded “only” $5 million in NFT transactions, a 99% drop from its record high of $405.75 million just a few months ago on May 1 2022 to be precise.

LG Art Lab might appeal to some users

Over this same period of time, the floor price of some of the most prominent NFT collections has also fallen dramatically. At the beginning of May, a Bored Ape Yacht Club token would have guaranteed you at least 153.7 Eth (or around €438,000 at that time). On August 28, you could buy one for “only” 73 Eth (just over €106,000).

Of course, we are talking about LG today. The same company that brought us phones like the Wing and the V10 and has stayed in the mobile market for much longer than any analyst would have thought. However, it is difficult to know how long the brand intends to continue on the path of NFT, but there is probably an LG C2 owner here or there interested in the simple possibility of displaying his Bored Apes on his brand new OLED TV.

NFT ON TV! KOREAN GIANT LG LAUNCHES DIGITAL ART PLATFORM

LG: NFT ART FOR YOUR LIVING ROOM

The future of NFT art is shaping up on TV screens. LG Electronics collaborated with the decentralized network Hedera, for the launch of a new NFT platform, the LG Art Labon the South Korean giant’s televisions.

This platform should allow NFTs “to go beyond the stage of computer collectibles and become a work of art exhibited like any other artwork in the house of its owner,” according to Swirlds Labs marketing director and Hedera developer Christian Hasker.

A FIRST NFT MEETING IN SEPTEMBER

One of the features of LG Art Lab allows you to view the profiles of artists who will post their works on the platform, as well as a preview of their works.

The marketplace also displays a countdown for upcoming NFT drops. The first event of this type will take place September 22 next, with the release of metal-looking NFT arts, from sculptor Barry X Ball.

By this date, the platform is currently empty. Users can just watch the teaser video of the sculptor’s next drop on loop.

USD COIN AND LG’S CRYPTO WALLET IN SPOTLIGHT

For future purchases of NFT, LG Art Lab users will need to purchase USD Coin (USDC)which will serve as means of payment.

They will then have to scan a QR code that appears on the screen of their televisions, to open the application Wallypto, the crypto wallet developed by LG. This wallet is required to finalize a transaction on LG Art Lab.

LG makes room for NFTs in its LED and OLED TVs

At the beginning of the year, Samsung announced that it wanted to put NFTs in its televisions. Like other sectors, the world of televisions positions itself on “buzz words” with the idea that they go beyond this framework. The eternal rival LG was quick to react by mentioning its arrival in the world of cryptocurrencies. While the manufacturer had not necessarily detailed its plan, we learned today about the integration of NFTs into the brand’s televisions.

The South Korean giant is used to positioning itself where we do not necessarily hear it. It is therefore not totally a surprise to see him embark on the NFT adventure. In the USA, LED and OLED TVs that have webOS 5.0 or newer can access the LG Art Lab, LG’s new NFT platform. It takes the form of a marketplace based on the Hedera project; allowing users to buy or sell non-fungible tokens from the TV home screen. QR codes will be used to complete transactions via the Wallypto wallet.

LG wants to believe in NFTs, but moves slowly

Mentioned at the beginning of the year, the development and implementation of the platform will have required around eight months of work for the brand. Meanwhile, the momentum for NFTs is running out of steam and the volume of transactions has fallen sharply in recent months. It’s also not sure that this feature was actually expected by LG TV owners.

“While many people have heard of NFTs and want to participate in this growing ecosystem, it can be overly complex and difficult to get started.” “LG Art Lab is designed to allow millions of users in the United States to easily access and view NFTs, without having to interact with code themselves or directly with a blockchain,” adds Chris Jo.

For now, the platform is not only available in the United States. LG does not yet mention availability in other regions, especially in Europe.

LG Art Lab: an app dedicated to NFTs for LG smart TVs

Have you ever heard of Non-Fungible Tokens or NFTs? It is the unique and non-interchangeable digital certificate of authenticity of an asset, which is also digital. Simply put, NFTs allow you to track the uniqueness and authenticity of your digital object over time. In recent years, NFTs have gained ground in the art market and more specifically that of digital art but also in video games. Earlier this year, Samsung brought NFTs to its TVs and partnered with NFT auction site Nifty Gateway.

Precisely, LG has also just announced that it is also embarking on this program. The company’s new NFT marketplace is dubbed “LG Art Lab.” This allows you to buy, sell and enjoy high-quality digital art from your TV. However, at this time, only users in the United States with an LG TV running webOS 5.0 or later are eligible.

More details on “LG Art Lab”

If you meet the eligibility requirements, you can directly download the app from the TV home screen. Then, through the portal, you can buy and sell digital works made available through LG’s NFT drops. These drops include a set of metallic looking NFTs from sculptor Barry X Ball.

Be aware, however, that there are no NFTs available yet and that the first drops will land on September 22. Thus, from this date, you can scan the QR code that appears on the screen, then open the Wallypto application on your smartphone in order to complete the transaction. By the way, don’t forget to buy USD coins.

LG turned to the Hedera network

The “LG Art Lab” platform is built in collaboration with the Hedera network. It is a corporate public ledger, the most widely used and longest lasting for the decentralized economy. And what differentiates Hedera from other networks is the fact that it does not run on the blockchain.

Its alternative solution to the blockchain is called “hashgraph”. For information, many other companies use the Hedera network and they claim that it is much faster and more efficient than transactions on the blockchain.

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