LG Electronics said today that it has launched its non-fungible token (NFT) platform. LG Art Labthat allows users to discover, buy, sell and trade NFTs on LG smart TVs.
The announcement comes approximately eight months after LG Electronics said in his press conference that that plans to incorporate NFT features on your smart TV. The platform is now available in the US only to those with LG TVs running webOS 5.0 or later and can be accessed directly from the home screen.
LG Electronics partnered with the Hedera network to offer an app that allows users to buy NFTs through Wallypto, LG’s crypto wallet for smartphones.
“Wallypto, based on Hedera, has been in development since September 2021,” Chris Jo, senior vice president and head of platform business at home entertainment company LG Electronics, told TechCrunch. “Their beta version of the wallet was launched this week in August.”
The partnership between Hedera and LG Electronics began in 2020 when LG joined the Hedera Governing Council that includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.
“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be too complex and difficult to get started,” Jo 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 the code or directly with a blockchain.”
The NFT platform provides a Drops feature that profiles artists and displays their new artwork previews. Its real-time Live Drops feature provides notifications to help users acquire a discarded NFT to ensure they don’t miss an opportunity.
Image Credits: LG Electronics / Courtesy of Barry X Ball Studio, Inc.
Jo also said that Hedera allows users to transact for less than $0.0001 per transaction (without high gas fees or hidden costs), which means there are no hidden costs associated with the NFT platform.
“Hedera Network consumes far less energy than any other public ledger, making it an ideal choice for sustainable initiatives and means it can meet the ESGs of modern businesses and investors,” Jo explained. Users can buy, sell and display NFTs on Hedera’s network without worrying about the high power consumption associated with other public networks, she said, adding that Hedera ensures a low and predictable rate for users, unlike many others. decentralized networks.
South Korean IT and entertainment companies are jumping into the non-fungible token (NFT) industry. In January, LG’s rival Samsung sleepless its new Smart TV based NFT market plan. Samsung said that it will add NFT features in Samsung TVs like MICRO LED and Neo QLED.
