The South Korean consumer electronics manufacturer LG has now introduced its very own new NFT marketplace, which it has named “LG Art Labs.” Beginning today, all LG television users in the United States who are using webOS 5.0 will have access to this new service.
People are able to purchase, sell, and trade non-fungible tokens (NFTs) without having to leave the convenience of their own homes since the marketplace can be accessed directly from the LG home screen.
Tokenized blockchain representations of non-fungible assets are known as NFTs. This denotes that NFTs are one-of-a-kind and cannot be exchanged for anything else. In the real world, non-fungible assets like art and antiques are common; thus, on a blockchain ledger, NFTs often reflect digital versions of non-fungible assets like collectibles or artworks.
Wallypto is LG’s in-app cryptocurrency wallet, and it was built by the Hedera network in September of last year. Wallypto is responsible for handling transactions on LG Art Labs.
Hashgraph is an alternative distributed ledger system (DLS) to blockchain that Hedera employs. It promises top speeds, high-functionality smart contracts, great energy economy, and the cost to transact on it is fractions of a cent.
On August 12 of this year, LG submitted an application to register a patent for Wallypto.
The first time that Hedera and LG worked together was in the year 2020, when LG became a member of the governing council of Hedera with other industry giants such as Google, IBM, Deutsche Telekom, and Ubisoft.
When it comes to incorporating NFT trading into the television viewing experience, LG is not the first Korean television maker to do so.
In March of this year, Samsung made the announcement that they will be partnering with an existing NFT marketplace called Nifty Gateway to build a new NFT marketplace only for owners of Samsung TVs.
Through a smart TV interface that was previously revealed back in January, users are now able to view, purchase, trade, and display non-fungible tokens.
Support for the Samsung NFT Platform will be available beginning in 2022 for certain models of Samsung’s MICRO LED, Neo QLED, and The Frame televisions.