Image source: The Electricity Hub
LG Electronics held a press conference months earlier, announcing plans to add NFT capabilities to its smart TV.
On Monday, LG launched its LG Art Lab NFT platform, which allows 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.
LG Art Lab is accessible directly from the home screen.
The company partnered with the Hedera network to create an app allowing 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, 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 an alternative Distributed Ledger System, or DLS, to the Hashgraph blockchain, which 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.
LG Art Lab offers a repository feature that showcases 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 free time of NFTs 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 is not the first TV manufacturer to introduce the NFT TV business, as Samsung partnered with the Nifty Gateway market earlier this year.
In January, the company announced that users would be able to view, buy, trade, and view NFTs on its smart TV interface. The Samsung NFT platform is supported on 2022 models of several Samsung TVs, including MICRO LED, Neo QLED, and Frame TV.
LG Electronics launches NFT platform that lets users buy and sell digital artwork