It’s possible that LG Electronics, a South Korean electronics behemoth, is preparing to launch a new standard in blockchain technology and the entertainment industry.
LG has reportedly submitted a patent for a blockchain-based Smart TV, an innovative design that would enable owners to exchange nonfungible tokens (NFTs) without leaving the comfort of their living room, as reported by Ana Paula Pereira for Cointelegraph on 12 May 2023.
The patent application was published in the WIPO International Catalogue of Intellectual Property. The patent application, which was first filed in November 2021, is reportedly undergoing substantial assessment, as reported by Cointelegraph. This critical stage might determine whether or not LG’s unique innovation is granted legal protection.
Devices may connect to a crypto wallet and an NFT market server using the technique described in the patent application, allowing for the execution of transactions. Cointelegraph reports that when connected to an NFT market server, the gadget may create on-screen QR codes that can be scanned by users’ cryptocurrency wallets in order to execute deals.
This development follows the September 2022 introduction of LG’s NFT platform, the LG Art Lab Marketplace. According to Cointelegraph, this service makes it possible for TVs with webOS 5.0 or later to buy and sell digital pieces of art.
However, the TV’s capacity for integration remains unknown. LG’s Wallypto, a proprietary smartphone crypto wallet, is also available on the company’s Art Lab Marketplace, but it is yet unknown whether or not the TV will interface with it.
Web3 solutions are being more integrated into LG’s products. According to a report by Cointelegraph, LG announced cooperation with Oorbit and Pixelynx, two cloud-based technology platforms, in January 2023. This agreement aimed to bring the metaverse into people’s living rooms. According to the news source, this collaboration would enable LG TV owners to experience online virtual worlds, live concerts, and AI-powered multiplayer gaming.
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