The NFT platform, launched by LG Electronics, enables users to buy and trade digital artwork.

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The NFT platform, launched by LG Electronics

Today, LG Electronics announced the launch of LG Art Lab, a non-fungible token (NFT) platform that enables users to find, acquire, and exchange NFTs on LG smart TVs.

About eight months have passed since LG Electronics stated at a press conference that it intended to include NFT technologies in its smart TV. The platform is currently only accessible from the home screen on LG TVs running webOS 5.0 or later in the United States.

LG Electronics and the Hedera network collaborated to create an app that lets users buy NFTs using Wallypto, LG’s mobile cryptocurrency wallet.
According to Chris Jo, senior vice president and head of platform business at LG Electronics’ home entertainment division, “Wallypto, built on Hedera, has been evolving since September 2021.” The wallet’s beta version was released this week in August.

In 2020, LG Electronics joined the Hedera governing council, which also includes Google, IBM, Deutsche Telekom, the Indian Institute of Technology, and other organisations. This marked the beginning of the relationship between Hedera and LG Electronics.

Although many individuals have heard about NFTs and would like to join in the developing ecosystem, Jo emphasised that getting started can be very challenging and complex. “LG Art Lab is made to make it simple for millions of users to access and show NFTs in the U.S.,
without having to deal with code or a blockchain directly oneself.

The NFT platform has a Drops feature that showcases artists and displays sneak peeks of their upcoming works. Users can receive notifications from its real-time Live Drops feature to help them acquire a fallen NFT so they don’t miss a chance.
Jo said that Hedera customers can transact for less than 0.0001 cents each transaction (without a hefty gas fee or additional expenditures), indicating that the NFT platform has no additional fees.
Because it uses significantly less energy than other public ledgers, the Hedera Network is the best option for sustainable initiatives and can satisfy the ESG requirements of contemporary enterprises and investors, according to Jo.

He added that Hedera provides a low, predictable charge for consumers, in contrast to many other decentralised networks, so users may purchase, trade, and display NFTs without worrying about the excessive energy consumption associated with other public networks.

IT and entertainment firms in South Korea are investing heavily in the non-fungible token (NFT) market. Samsung, a competitor of LG, presented its new NFT marketplace concept based on smart TVs in January. On Samsung TVs like the MICRO LED and Neo QLED, Samsung announced it will incorporate NFT functions.

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