The South Korean consumer electronics giant LG Electronics is making an entrance into blockchain technology and NFTs, as the corporation presents LG Art Lab in partnership with Hedera blockchain. Ultimately, LG Electronics has been on Hederaโs governing council for three years, so the company picked a trusted partner instead of any of the major blockchain companies.
NFT-shop on the sofa.#LG has created its own #NFT marketplace on the #Hedera blockchain - the platform will be called Art Lab and the NFTs purchased on it can be broadcast on the LG TV screen. pic.twitter.com/2Bynk9GwQW
— NFT enjoyer ๐ป (@NFTenjoyer_) September 6, 2022
Home Is Where the NFT Art Gallery Is
The TV makers aim to turn your living room television into a digital art gallery. The LG Art Lab features a digital art marketplace in collaboration with Barry X Ball Studios. Plugged in by Hedera blockchain, the new NFT marketplace will work on any LG OLED Smart TVs. Furthermore, the new app can be easily accessed through the Home Screen.
— LG Art Lab (@LGArtLab) September 5, 2022
LG Art Lab can also import your owned NFTs, which is done through “My Collection.” All transactions can be seen on the NFT marketplace history, so trading your purchased NFTs just with the help of your TV is possible. However, the first one to introduce the innovation is rival Samsung Electronics. This was done in March, when Samsung partnered with Nifty Gateway to bring NFTs to compatible Samsung Smart TV sets.
Sponsored
Besides showcasing works of well-known artists, the LG Art Lab platform will also have artist profiles, countdowns to new NFT collections, and news about future projects. Moreover, the transactions will be made through Hederaโs Wallypto wallet. The move is celebrated by Hederaโs founder, whose vision for the platform includes exclusive NFT collections from big names in the entertainment industry, such as Netflix or Disney+.
Imagine Netflix or Disney+ airdropping rare collectible NFTs to LG TV users' Wallypto #Hedera accounts for watching certain TV shows or movies ๐ฅ
— $HBAR to the Moon (@hbar_to_moon) September 6, 2022
So many NFT uses and possibilities ๐
LG news is way bigger than what people imagine ๐ $HBAR #HederaNFT #HBARNFT #HelloUtility
On the Flipside
- Despite quicker retail adoption, the NFT market is facing less revenue, as trading volume on the leading marketplace OpenSea dropped to yearly lows. Moreover, the most expensive NFT collection of all time, the Bored Apes, has to deal with liquidation on BendDAO.
Why You Should Care
Partnerships like this can expedite blockchain adoption, as LG Art Labs seeks to bring NFT trading to the comfort of one’s home. Smart TVs can be great for showcasing digital NFT art, as the picture quality and screen size is more suitable than a regular computer screen.
Learn about the Annual Metaverse Art Week by Decentworld
Read about Samsung’s plans to launch a crypto exchange in 2023
Find out who bought the Golden Fur Bored Ape for 777 ETH
