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.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
