LG Electronics enters the NFT market

LG Electronics reportedly said on Monday that the company has released LG Art Lab, a non-fungible token (NFT) platform that allows users to trade NFTs on LG’s smart TVs. About eight months ago, LG Electronics said in a press release that it planned to incorporate NFT functionality into smart TVs. Currently, the platform is only available in the US on those LG TVs running webOS 5.0 or higher and can be accessed directly from the home screen.

LG Electronics has partnered with Hedera Network to launch an app that allows users to buy NFTs through Wallypto, the crypto wallet for LG smartphones.

“We have been developing Wallypto on Hedera since September 2021,” said Chris Jo, senior vice president and head of platform business at LG Electronics Home Entertainment, “The beta version of the wallet was launched in August of this year. "

The cooperation between LG Electronics and Hedera began in 2020, when LG Electronics joined the Hedera Council including Google, IBM, Deutsche Telekom, Indian Institute of Technology and others.

"While many people have heard of NFTs and want to participate in a growing ecosystem, it can be too complex to get started," said Jo, "LG Art Lab is designed to make it easy for millions of users in the United States to access and Display NFTs without interacting with code or directly with the blockchain.”

The NFT platform offers a Drops feature that provides artist profiles and displays previews of their new works. Its real-time Live drop feature provides notifications that can help users acquire dropped NFTs, ensuring they don’t miss out on an opportunity.

Jo also stated that Hedera allows users to trade for less than $0.0001 per transaction (no high fees or hidden costs), meaning there are no hidden costs associated with NFT platforms.

"The Hedera network consumes significantly less energy than other public ledgers, making it ideal for sustainable initiatives, meaning it can meet the ESG (environmental, social and corporate governance) requirements of modern businesses and investors," Jo explained that users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks. He added that Hedera guarantees cheap, predictable fees to users, unlike many other decentralized networks.

South Korean information technology and entertainment companies are entering the NFT industry. In January, LG's rival Samsung unveiled new plans for a smart TV-based NFT market. Samsung said it will add NFT functionality to Samsung TVs such as MICRO LED and Neo QLED.

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