LG Electronics launches NFT platform that lets users buy and sell digital artwork – TechCrunch

LG Electronics today announced the release of 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 about eight months after LG Electronics said at his press conference that he plans to integrate NFT functionality in his smart TV. The platform is now available in the US only for LG TV users running webOS 5.0 or later and can be accessed directly from the home screen.

LG Electronics has partnered with Hedera Network to deliver an app that allows users to purchase NFTs through Wallypto, LG’s crypto wallet for smartphones.

“Wallypto, built on Hedera, has been growing since September 2021,” Chris Jo, senior vice president, head of platform business at home entertainment company LG Electronics, told TechCrunch. “Its beta version of the wallet launched this week in August.”

The partnership between Hedera and LG Electronics was initiated in 2020 when LG joined the Hedera Board of Directors which includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.

“While many people have heard of NFTs and want 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 United States to easily access and view NFTs, without having to interact with code themselves 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 sends notifications to help users acquire dropped NFT to ensure they don’t miss an opportunity.

LG Art Lab

Picture credits: LG Electronics/Courtesy of Barry X Ball Studio, Inc.

Jo also said that Hedera allows users to trade for less than $0.0001 per trade (with no high gas fees or hidden costs), which means there are no hidden costs associated with the NFT platform.

“The Hedera network consumes far less power than any other public ledger, making it the ideal choice for sustainable initiatives and meaning it can address the ESG of modern businesses and investors,” Jo explained. . Users can buy, sell and view NFTs on the Hedera network without worrying about the high power consumption associated with other public networks, he said, adding that Hedera ensures low and predictable fees for users, unlike many other decentralized networks.

South Korean IT and entertainment companies are getting into the non-fungible token (NFT) industry. In January, LG’s rival, Samsung unveiled its new NFT market plan based on smart TV. Samsung said it will add NFT features on Samsung TVs like MICRO LED and Neo QLED.

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