LG Unveils App That Allows Users to Buy and Sell NFTs Using Their Smart TVs


LG Electronics, a South Korean electronics giant, on Monday announced the launch of its own non-fungible token application, LG Art Lab, which allows users to buy, sell and trade NFTs on the Internet. using their OLED Smart TV.

Currently, only US users with an LG TV running webOS 5.0 or earlier can access the app. The application can be downloaded from the home screen of the TV.

The company’s entry into the NFT market follows Samsung’s launch of an NFT market on three of its smart TVs, all of which are supported by Nifty Gateway.

LG Art Lab has a feature that provides artist profiles, previews of their future projects, and a countdown to upcoming NFT “drops.” The platform’s marketplace facilitates the exchange of digital items.

Image: Gadgets 360

LG partners with Hedera Blockchain

LG Electronics, headquartered in Seoul, works in tandem with the Hedera blockchain, which supports the new platform, with transactions carried out via Wallypto, a digital wallet for smartphones created by the South Korean company which is currently in beta testing phase.

There are different motivations for an NFT purchase. In the eyes of some, they are investments rather than collectibles. Some people are interested in digital assets because they appreciate the art or technology behind them, while others are just curious and want to play with them.

User-friendliness is a fundamental part of the company’s design idea. Its new platform will use the company’s Wallypto mobile crypto wallet, and NFTs can be purchased by simply scanning a QR code, after which they can be sold on the LG Art Lab Marketplace.

LG gets rid of access barriers

Chris Jo, senior vice president and head of platform business for LG Electronics’ home entertainment division, told TechCrunch:

“Wallypto, which is based on Hedera, has been in development since September 2021… The beta version of the wallet was released this week in August.”

LG and Hedera first partnered in 2020, when the former joined IBM, Google, Ubisoft and Deutsche Telekom on Hedera’s board.

LG Art Lab aims to make it easier for millions of consumers in the United States to access and view NFTs “without having to deal with code or directly with a blockchain,” Jo explained.

Verified Market Research (VMR), a global market research and advisory group, predicts that the value of the NFT market will grow to $230 billion by 2030, in a recent market analysis.

VMR estimated the global NFT industry to be worth $11.3 billion in 2021 and projects it to grow at a compound annual growth rate of 34% over the next eight years.

Crypto total market cap at $959 billion on the daily chart | Source: TradingView.com

Featured image from TheNewsCrypto, chart from TradingView.com

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