LG Electronics Launches New NFT Marketplace ‘LG Art Labs’ For Its Smart TVs

• Blockchain Council
• September 12, 2022

The South Korean electronics behemoth LG has launched “LG Art Labs,” a brand-new NFT marketplace that will be available to all webOS 5.0-equipped LG television owners in the US as of right now.

All NFT enthusiasts can now access the LG marketplace from the comfort of their homes. They can trade, buy, and sell.

As tokenized blockchain representations of non-fungible assets, NFTs are unique and irreplaceable. Physically, all the items are frequently non-fungible. However, NFTs typically represent digital representations of these items on a blockchain ledger.

Interestingly, Wallypto, a cryptocurrency wallet, will helm the transactions of the LG art labs. Wallypto was developed in September by the Hedera network.

Hashgraph is a different distributed ledger system (DLS) from blockchain that provides incredibly quick transaction times, highly useful smart contracts, high energy efficiency, and transaction fees that are only a few cents.

The request to get the Wallypto patent was filed on August 12 by LG lab arts.

The two businesses initially cooperated before LG joined other tech behemoths like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020.

The NFT trading has been incorporated into the viewing experience by other Korean TV manufacturers besides LG. In March of this year, Samsung announced a partnership with NFT marketplace Nifty Gateway to create a new NFT marketplace for owners of Samsung TVs.

Users can view, buy, trade, and display NFTs using a smart TV interface that was first unveiled in January. The Samsung NFT Platform is compatible with the Samsung MICRO LED, Neo QLED, and The Frame TV models from 2022.

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