LG Electronics today announced the launch of its LG Art Lab platform. It allows users to discover, buy, sell and trade NFTs on LG Smart TVs.
The announcement comes roughly eight months after LG Electronics said at a press conference that it plans to include NFT functionality in its smart TVs. The platform is only available in the US to users with LG TVs running webOS 5.0 or higher and can be accessed directly from the home screen.
LG Electronics has partnered with the Hedera network to offer an app that allows users to purchase NFTs through Wallypto, LG’s smartphone-based crypto wallet.
“Wallypto, built on Hedera, is in development from September 2021,” Chris Jo, senior vice president and head of platform business at LG Electronics home entertainment, told TechCrunch. “The beta version of his wallet was released this week in August.”
The partnership between Hedera and LG Electronics began in 2020 when LG joined Hedera’s board of directors, which includes Google, IBM, Deutsche Telekom, and the Indian Institute of Technology.
“Although many people have heard of NFTs and want to participate in the growing ecosystem, it can be overwhelming and difficult to get started,” says Joe. “LG Art Lab aims to enable millions of US users to easily access and display NFTs without directly interacting with code or blockchain.”
The NFT platform provides a Drops feature that profiles artists and previews their new work. Its real-time Live Drops feature provides users with notifications to help them get their NFTs dropped so they don’t miss out.
Joe also points out that Hedera allows users to transact for less than 0.0001 cents per transaction (without high gas fees or hidden costs), meaning there are no hidden costs associated with an NFT platform.
“The Hedera network consumes very little energy compared to other public ledgers, making it an ideal choice for sustainable initiatives and meeting the ESG requirements of modern businesses and investors,” Joe explained. Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other social networks, he said, adding that unlike many other decentralized networks, Hedera guarantees users low and predictable fees.
South Korean IT and entertainment companies are jumping into the non-negotiable token (NFT) industry. In January, LG’s rival Samsung unveiled its new plans for the smart TV-based NFT market. Samsung has announced that it will add NFT functionality to Samsung TVs like MICRO LED and Neo QLED.