LG adds NFT platform to its smart TVs
What happened now? Despite public interest in NFT waning and OpenSea transactions down 99% since May, LG is implementing non-fungible tokens into its smart TVs. Owners of LG TVs running webOS 5.0 or later will be able to access the LG Art Lab platform, allowing them to find, buy, sell and trade “high quality art” directly from their TVs.
If you have a compatible LG TV, live in the US and want to access the market, the app can be downloaded from the TV’s home screen. There are no NFTs available yet; the first drops, a set by sculptor Barry X Ball, will land on September 22. LG says new ones will be added monthly.
LG Arts Lab The platform was created in collaboration with Hedera net. It uses an alternative to blockchain called a hashgraph and describes itself as “the most used, sustainable enterprise public ledger for the decentralized economy.”
NFTs can be purchased using Wallypto, LG’s crypto wallet for smartphones, which launched in beta last month. The purchase process involves scanning a QR code that appears on the TV screen and then completing the purchase using Wallypto on your phone. However, you will first need to have some dollar coins (USDC).
Own NFTs that can be traded will be displayed in the “My Collection” section. You can also display them on the TV when the TV is not in use.
“To help users gain a deeper understanding of their favorite NFTs and the creative minds behind them, the platform also provides informative art descriptions and short films that highlight the creative processes of artists,” says LG. “Users can follow and learn more about each artist in the app’s profile feature, and they’ll even have the chance to meet some of them at upcoming LG-sponsored art events.”
LG Electronics announced the LG Art Lab back in January. At the time, OpenSea, the world’s largest NFT marketplace, had about 58,780 active users. On August 27, that figure fell to 23,620. Trading volumes fell even further, from a peak of $400 million on May 1 to $5 million on August 28, a 99% decline. In July, we also heard that OpenSea cut 20% of its workforce due to the turbulent economy and the crypto winter.
LG is joining local tech rival Samsung in offering NFT through its TVs. In January, the Galaxy maker said it would add NFT functionality to its latest kits, including Micro LED and Neo QLED models.