LG will start NFT platform to its smart TVs with Hedera network

What happened just now? LG is integrating non-fungible tokens into its smart televisions even though public interest in NFTs is fading and OpenSea transactions have decreased by 99% since May. The LG Art Lab platform will be available to owners of LG TVs running webOS 5.0 or later, enabling users to find, purchase, sell, and trade the “high-quality artwork” right from the televisions.

The app can be downloaded on the TV’s home screen if you have a compatible LG TV, reside in the US, and want to access the market. NFTs are not yet accessible; the first drops, a collection from the sculptor Barry X Ball, arrive on September 22. More, according to LG, will be introduced every month.

The Hedera network has facilitated the development of the LG Art Lab platform. It refers to itself as the “most used, sustainable, enterprise public ledger for the decentralised economy” and employs a blockchain alternative known as hashgraph.

NFTs may be purchased via Wallypto, LG’s mobile cryptocurrency wallet that debuted in test last month. One can be purchased by scanning a QR code that displays on the TV screen and then paying with Wallypto on a phone to complete the transaction. However, you must first have some USD Coin (USDC).

Owned NFTs will be shown in the My Collection section and tradeable. When the TV is not in use, you can also show them on it.

“To help users gain a deeper understanding of their favourite NFTs and the creative minds behind them, the platform also presents informative artwork descriptions and short films that illuminate the artists’ creative processes,” LG says. “Users can follow and learn more about each artist in the app’s profile feature, and will even have the opportunity to meet some of them at upcoming, LG-sponsored art events.”

LG Art Lab was first unveiled by LG Electronics in January. The largest NFT marketplace in the world at the time, OpenSea, had about 58,780 active users. On August 27, it had decreased to 23,620. Since May 1, when trading volume peaked at $400 million, it has dropped even more, by 99%, to $5 million on August 28. Additionally, in July, you learned that OpenSea was laying off 20% of its staff because of the unstable economy and the crypto winter.

In offering NFTs through its TVs, LG is joining local tech rival Samsung. The manufacturer of Galaxy stated in January that NFT features would be added to its most recent sets, including Micro LED and Neo QLED versions.