NEWSLETTER
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LG is finishing its art laboratory, allowing collectors to withdraw nft before its closure in June.
The multinational electronics magnate of South Korea LG is finishing its LG Art Lab platform, a market for non -fungible tokens launched to bring digital art to its premium screens. On a Thursday advertisement On its official website, the company said it made the “difficult decision to close the” nft space “continues to evolve.”
Released in 2022, Art Lab will officially close on June 17. To help users to the transition, LG described two ways for collectors and artists to transfer their assets.
“The LG Art Lab team will automatically transfer assets that are currently in LG Art Lab Marketplace to sell again to collectors' own wallets before April 30,” said the company, adding that users can manually move their works of art or remove them from the market.
“While this chapter is coming to an end, our passion for digital art and innovation remains strong, and we hope to see how the nft space continues to grow and evolve.”
Art Laboratory
Looking for new opportunities
Although the company did not provide details about why LG Art Lab was closing, it still hinted to change priorities, saying that “it is the right time to change our approach and explore new opportunities.”
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Initially available only in the Hedera Network, LG Art Lab then emigrated to ethereum, although it is not clear how much the adoption transition impacted. LG says that customer service for art laboratory users will be available until July 18.
The measure follows the broader participation of LG in digital innovation. In 2023, the company was associated with Metverse Oorbit and Pixelynx companies to integrate virtual experiences directly into their smart televisions. Oorbit technology was described as “the thread that joins virtual worlds”, allowing LG smart TV users to access multiplayer games generated by ai and virtual concerts through cloud transmission. LG has not indicated if their Metaverse ambitions will continue beyond the closing of the art laboratory.
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