LG Electronics reportedly said Monday that it has released LG Art Lab, an irreplaceable token (NFT) platform that allows users to trade NFTs on LG’s smart TVs.
About eight months ago, LG Electronics said in a press release that it plans to integrate NFT functionality into its Smart TVs. Currently, the platform is only available in the U.S. for those LG TVs running webOS 5.0 or higher and can be accessed directly from the home screen.
LG Electronics has partnered with the Hedera network to launch an app that allows users to purchase NFT through Wallypto, a crypto wallet for LG smartphones.
“We’ve been developing Wallypto built on Hedera since September 2021,” said Chris Jo, senior vice president and head of platform business at LG Electronics Home Entertainment, “and the beta version of this wallet was launched in August of this year. “
LG Electronics’ partnership with Hedera began in 2020, when LG Electronics joined the Hedera councils of Google, IBM, Deutsche Telekom and the Indian Institute of Technology.
“While many people have heard of NFT and want to participate in the growing ecosystem, it can be too complex to get started,” Jo said, “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFT without having to work with code or directly with the blockchain interaction.”
The NFT platform offers a Drops feature that provides artist profiles and displays previews of their new work. Its real-time Live drop feature provides notifications that can help users access dropped NFTs, ensuring they don’t miss any opportunities.
Jo also says that Hedera allows users less than $0.0001 per transaction (no high fees or hidden costs), which means there are no hidden costs associated with the NFT platform.
“The Hedera network consumes much less energy than any other public ledger, which makes it ideal for sustainable initiatives, meaning it can meet the ESG (environmental, social and corporate governance) of modern businesses and investors,” Jo explained, adding that users can buy, sell and display on the Hedera network NFT without worrying about the high energy consumption associated with other public networks. He added that Hedera guarantees cheap and predictable fees for users, unlike many other decentralized networks.
South Korean information technology and entertainment companies are entering the NFT industry. In January, LG’s rival Samsung unveiled new plans for the smart TV-based NFT market. Samsung said it would add NFT capabilities to Samsung TVs such as MICRO LED and Neo QLED.
