Today, LG Electronics announced the release of a non-fungible token (NFT) platform that’ll let users find, buy and sell NFTs on LG smart TVs. The platform called LG Art Lab was launched after the company first announced about eight months ago, plans to integrate NFT features into its smart TVs.
Although the buzz around NFTs seems to have reduced when they first appeared everyone wanted to get their hands on them. The NFT market is currently worth over $11 billion.
LG Art Lab, according to the company, is now available to only US users who own LG smart TVs running on webOS 5.0 and above and is available on their home screens.
LG developed its LG Art Lab in partnership with Hedera Network. The partnership enabled the company to offer its users an app that enables users to purchase NFTs via Wallypto, LG’s crypto wallet for smartphones. “Wallypto, built on Hedera, has been developing since September 2021. Its beta version of the wallet launched this week in August, Chris Jo, Senior Vice President, Head of Platform Business at LG Electronics home entertainment company said. LG formed its partnership with Hedera back in 2020 when it joined Hedera governing council. This council includes companies like Google, IBM, Deutsche Telekom and the Indian Institute of Technology, etc.
“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started. LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves,” he added.
The platform offers a Drops feature that profiles artists and shows previews of their new artwork. Users can also access notifications that’ll help them acquire a dropped NFT and not miss out on an opportunity via its real-time Live Drops feature.
The senior vice president also revealed that Hedera allows users to transact for less than a cent per transaction and is devoid of hidden charges. “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,” he explained. Users can, therefore, buy sell, and display their NFTs on the Hedera without the fear of high energy consumption that characterizes most public networks. Hedera offers a low and predictable fee for its users.
More companies are looking for strategic ways to leverage NFTs and the latest development shows that it is possible to integrate NFTs into anything.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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