LG Electronics announced today that it has launched its non-fungible token (NFT) platform. LG Art Labwhich allows users to discover, buy, sell and trade NFTs on LG Smart TVs.
The announcement comes roughly eight months after LG Electronics said at his press conference that plans to include NFT features on your smart TV. The platform is now available in the US only for those with LG TVs running webOS 5.0 or later, and is accessible directly from the home screen.
LG Electronics has partnered with Hedera Network to offer an app that allows users to buy NFTs through Wallypto, LG’s crypto wallet for smartphones.
“Wallypto, built on top of Hedera, has been in development since September 2021,” Chris Jo, senior vice president, head of platform business at home entertainment company LG Electronics, told TechCrunch. “Its wallet beta launched this week in August.”
The partnership between Hedera and LG Electronics started in 2020 when LG joined the Hedera Board of Directors this includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, among others.
“While many people have heard of NFT and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started,” Joe said. “LG Art Lab is designed to allow millions of users in the US to easily access and display NFTs without having to interact with code or directly with the blockchain.”
The NFT platform provides a Drops feature that profiles artists and displays their new artwork previews. Its Live Drops feature provides real-time notifications to help users acquire a dropped NFT to make sure they don’t miss an opportunity.
Joe also said that Hedera allows users to transact for less than $0.0001 cents per transaction (no high gas fee or hidden costs), meaning there are no hidden costs associated with the NFT platform.
“The Hedera network consumes significantly less energy than any other public ledger, making it the perfect choice for sustainable initiatives and meaning it can address the ESG of modern businesses and investors,” explained Joe. Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks, he said, adding that Hedera guarantees a low, predictable fee for users, unlike many others decentralized networks.
IT and. of South Korea entertainment companies are jumping into the non-fungible token (NFT) industry. In January, LG’s competitor Samsung revealed its new plan for NFT market based on smart TV. Samsung said it will add NFT features to Samsung TVs such as the MICRO LED and Neo QLED.