LG Electronic advances in the NFT race with LG Art Lab

LG Art Lab helps LG Electronics keep pace in the NFT race
LG Art Lab helps LG Electronics keep pace in the NFT race

Image source: The Electricity Hub

LG Electronics held a press conference months earlier and announced plans to add NFT functionality to its Smart TV.

On Monday, LG launched its LG Art Lab NFT platform, allowing users to find, buy, sell and trade NFTs on LG smart TVs.

LG Art Lab

LG Electronics’ NFT platform is available in the US for LG TVs running webOS 5.0 or later updates.

The LG Art Lab is accessible directly from the main screen.

The company has partnered with the Hedera network to create an app that will allow users to purchase NFTs through Wallypto, LG’s crypto wallet for smartphones.

“Wallypto, built on Hedera, has been developing since September 2021,” said Chris Jo, the senior vice president and head of platform business at LG Electronics.

“Its beta version of the wallet launched this week in August.”

Hedera and Wallypto

LG Electronics and Hedera formed a partnership two years ago when LG Electronics joined Hedera’s board of directors, which includes Deutsche Telekom, Google, IBM and the Indian Institute of Technology, among others.

Hedera uses a Distributed Ledger System (DLS) as an alternative to the Hashgraph blockchain that offers maximum speeds, highly functional smart contracts, high energy efficiency, and transaction costs of fractions of a penny.

The electronics giant filed Wallypto’s patent early last month.

NFT Platform Features

LG Art Lab offers a Drop feature that includes artists and previews of their latest works.

The Live Drops feature also notifies users and helps them purchase a recently listed NFT to keep them updated on new opportunities.

According to Jo, Hedera allows users to transact for less than $ 0.0001 cents since they don’t have high gas fees or hidden fees on the platform.

“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,” said Jo.

Users can enjoy the NFT experience on the Hedera network without worrying about the high power consumption of other public networks.

Hedera also guarantees users low and predictable costs compared to other decentralized networks.

The NFT race

LG Electronics isn’t the first TV maker to delve into the NFT TV business, as Samsung partnered with the Nifty Gateway market earlier this year.

In January, the company announced that users can view, buy, trade and look out for NFTs on its smart TV interface.

The Samsung NFT platform is supported on 2022 models of Samsung TVs, including MICRO LED, Neo QLED, and Frame TV.

References:

LG Electronics launches NFT platform that lets users buy and sell digital artwork

LG Electronics launches new NFT marketplace ‘LG Art Labs’


Opinions expressed by The Chicago Journal contributors are their own.

Jason Robinson

Jason is an outgoing and dynamic type of person. He currently works as content writer and digital artist.

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