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LG Electronics launches the LG Art Labs NFT marketplace on its smart TVs

LG Electronics and Hedera collaborate to create LG Art Labs NFT marketplace

Image source: The Electricity Hub

Months ago, electronics giant LG Electronics held a press conference where it announced plans to incorporate NFT features to its smart TV.

On Monday, LG released its NFT platform LG Art Lab, which allows users to find, buy, sell, and trade NFTs on LG’s smart TVs.

LG Art Lab

LG Electronic’s NFT platform is available in the United States for LG TVs that run webOS 5.0 or later updates.

LG Art Lab is accessible directly from the home screen.

The company partnered with the Hedera network to create an app that allows users to buy NFTs via Wallypto, LG’s crypto wallet for smartphones.

“Wallypto, built on Hedera, has been developing since September 2021,” said Chris Jo, the senior vice president and head of platform business at LG Electronics.

“Its beta version of the wallet launched this week in August.”

Hedera and Wallypto

LG Electronics and Hedera struck a partnership in 2020 when the former joined the Hedera governing council, which consists of Deutsche Telekom, Google, IBM, and the Indian Institute of Technology, among many others.

Hedera uses an alternative distributed ledger system or DLS to the hashgraph blockchain, which boasts top speeds, high-functionality smart contracts, high energy efficiency, and costs fractions of a penny to transact on.

The electronics giant applied to register the patent for Wallypto earlier last month.

Platform features

LG Art Lab provides a Drop feature that showcases artists and previews of their latest artworks.

The Live Drops feature also notifies users, helping them acquire a recently dropped NFT to keep them updated on new opportunities.

According to Jo, Hedera allows users to transact for less than $0.0001 cent as they don’t have high gas fees or hidden costs on the platform.

“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors,” said Jo.

Users can enjoy the leisures of NFTs on the Hedera network without worrying about the high energy consumption that other public networks have.

Hedera also guarantees low, predictable fees for users compared to other decentralized networks.

The NFT race

LG Electronics is not the first television manufacturer to introduce NFT trading into TVs as Samsung struck a partnership with the Nifty Gateway marketplace earlier this year.

In January, the company announced that users can view, buy, trade, and display NFTs on the smart TV interface.

The Samsung NFT Platform is supported on the 2022 models of several Samsung TVs, including the MICRO LED, Neo QLED, and the Frame TVs.

References:

LG Electronics launches NFT platform that lets users buy and sell digital artwork

LG Electronics launches new NFT marketplace ‘LG Art Labs’


Opinions expressed by Coin Week contributors are their own.

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