LG is ready to let TV owners watch and buy NFT from the comfort of their couch.
Seoul-based TV giant LG Electronics announced the launch of its non-fungible token (NFT) marketplace known as LG Art Lab: Potentially opening up NFT collecting to a much wider audience.
The latest platform built on the Hedera blockchain allows users to explore, buy, sell and trade NFT on LG Smart Device. TV. LG Art Lab will also integrate on-screen QR codes to allow users to complete transactions using the company's smartphone cryptocurrency wallet, Wallypto, which is also powered by Hedera.
After purchasing an NFT, they can be traded on the LG Art Lab Marketplace. Users can view transaction history and their own illustrations.
Working Together, LG and Hedera
LG first hinted at plans to add NFT capabilities to its smart TV at a press conference earlier this year. Hedera tweeted to confirm the event:
"Governing Council member LGElectronics has launched the Hedera-based LG Art Lab, enabling LG TV owners to buy #HederaNFT from their screens, for sale and display. All LG TVs running webOS5.0 can interact with the LG Art Lab app. #HelloFuture.”
As soon as the South Korean television firm joined the Hedera Governing Council in May 2020, the choice to onboard Hedera for an NFT integration was an easy one. At that time, LG was the only device manufacturer to be accepted as a member of the council, which also includes: Google, IBM, Deutsche Telekom, and IIT.
The main aim of the cooperation was to increase the distribution Identifying ledger technology can benefit consumers and the supply chain partners to facilitate smooth transactions.
Tech Companies Enter the NFT Space
LG's NFT push follows competitor Samsung Electronics, which announced plans at the CES show in January this year to potentially integrate NFT into its new TVs. It upgraded its smart TVs with NFT capabilities three months later. Samsung, the first electronics business to incorporate NFTs into TVs, wanted to compile data from various marketplaces and offer insights into the artworks, according to the statement.
For the initiative, the tech giant has partnered with Nifty Gateway, an Ethereum-focused marketplace founded in 2018 and later acquired by cryptocurrency exchange Gemini.
Disclaimer
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