LG Utilizes the Hedera Blockchain for the NFT Market
LG Art Lab, a non-fungible token (NFT) marketplace launched by the South Korean TV giant LG Electronics, might make NFT collection accessible to a far larger audience.
Users will be able to discover, buy, sell, and trade non-fungible tokens on LG’s smart televisions using the newest platform, which is built on the Hedera blockchain. LG Art Lab will also integrate on-screen QR codes to let users conduct transactions using the company’s mobile crypto wallet, Wallypto, which is also based on Hedera.
After purchasing an NFT, it is possible to exchange it on LG Art Lab Marketplace. Users will be able to browse their own artwork as well as their transaction history.
During a press briefing earlier this year, LG initially alluded to ambitions to add NFT technologies to its smart TV. Hedera confirmed the news on Twitter.
Since the South Korean television corporation joined the Hedera Governing Council in May 2020, the decision to integrate Hedera with the NFT is a logical progression. During that time, LG was the only home appliance company to join the council, whose other members include Google, IBM, Deutsche Telekom, and IIT, among others.
The collaboration’s primary objective was to determine if distributed ledger technology can facilitate smooth transactions for the benefit of customers and supply chain stakeholders.
Samsung Electronics, LG’s rival, announced plans for possible NFT integration in its new televisions during the CES trade event in January of this year. Three months later, NFT technology was introduced to its smart TVs. According to the release, Samsung planned to combine data from numerous markets and give information on the artwork, making it the first electronics manufacturer to integrate NFTs into televisions.
For the effort, the internet giant worked with Nifty Gateway, a 2018-founded Ethereum-centric marketplace that was bought by cryptocurrency exchange Gemini.