September 29, 2022
LG Brings NFTs To TV Screens: Launching "LG Art Lab"

LG Brings NFTs To TV Screens: Launching "LG Art Lab"

The South Korean multinational conglomerate, LG Corporation, is launching the LG Art Lab, a Non-Fungible Token (NFT) marketplace that connects to the Hedera Network, an open-source public distributed ledger. People with televisions with the latest LG software installed will be able to Buy, Sell, and display their Hedera Non-Fungible Tokens (NFTs) directly through their TV screens. LG’s move is adding one more consumer electronics manufacturer to bring NFTs to television screens.

Following Samsung’s introduction of a Non-Fungible Token (NFT) marketplace on 3 of its televisions, all enabled by Nifty Gateway, a digital art online auction platform, LG Corporation has made steps into the NFT sector. Only LG televisions will support the NFT marketplace, LG Art Lab. Users would be able to buy assets by just scanning a QR code to link their wallets using LG’s cryptocurrency wallet application, Wallypto.

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Chris Jo, Senior Vice President and Head of Platform Business in HE Division at LG Electronics, stated that the platform’s goal is to make Non-Fungible Tokens (NFTs) available for anyone wishing to enter the market.

Hedera Network is a less apparent alternative for a Non-Fungible Token (NFT) incorporation. The 36,000 US Dollars trading volume on Hash Axis, a global NFT marketplace built on Hedera, is insignificant compared to the 330 Million US Dollars trading volume on OpenSea, which is a US-based online non-fungible token marketplace for Ethereum. But since LG Corporation has been a member of Hedera’s Governing Council since 2020, it makes more sense for the South Korean consumer electronics manufacturer.

According to Shayne Higdon, who is the Chief Executive Officer (CEO) of the HBAR foundation, a group that assists entrepreneurs in building economies on the Hedera Network, the energy-efficient concord process of the Hedera blockchain makes it the best blockchain for affordable, Non-Fungible Token (NFT) transfers with a reduced carbon footprint. The decentralized open-source blockchain, Ethereum, is switching to Proof-of-Stake (PoS) this month, while other networks are trying to gain on.

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