Blockchain News

Electronic Giant LG Plans to Broaden NFT Access Through its Newly Launched NFT Platform

LG ArtLab will introduce NFTs to users living rooms through LG Smart TVs

A Significant Step for Korean NFT Adoption?

South Korean Electronics Giant, LG has unveiled a new Non-Fungible Token (NFT) platform, LG ArtLab. The LG ArtLab will integrate an NFT marketplace right into your living room! It will be a convenient one-stop solution for discovering, buying, and selling NFTs on LG Smart TVs.

Unlike other complex blockchain-based NFT Marketplaces that might not be easy for everyday users to interact with, LG Smart TVs are seen as the perfect medium for displaying NFT collections to mass audiences via the LG Art-Lab platform.

The LG Art Lab runs on LG Smart TVs using the web OS 5.0 or later versions and is presently available in the U.S. Users can purchase NFTs by simply scanning a QR code to connect their wallets. The home space can truly become a Digital Art Gallery using LG Smart TVs.

“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,” Chris Jo, Senior Vice President (SVP) at LG Electronics told Kate Park of TechCrunch. “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.”

The company also announced that its NFT platform and the cryptocurrency wallet Wallypto will be supported by the Hedera Network- nixing Ethereum in the process. The Hedera blockchain will enable users to trade NFTs with minimal transaction fees and charges, bringing a transformation experience to their living rooms.

Prior to this announcement, LG had been making significant moves in the Web3 space, when it first launched the LG-Pay digital wallet in 2019. The company also set its sights on NFT development with a January 2022 press release, which projected the arrival of the LG ArtLab innovation.

Nevertheless, LG is still poised to face stiff competition from other consumer electronics companies. Rival Samsung also integrated NFT support into its Smart TVs earlier in 2022 through the Samsung Gaming Hub. Samsung’s NFT platforms are supported by Nifty Gateway.

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