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

Please fol­low and like us:
Pin Share

LG Elec­tron­ics said today it has released its non-fun­gi­ble token (NFT) plat­form LG Art Lab, which lets users dis­cov­er, buy, sell and trade NFTs on LG’s smart TVs.

The announce­ment comes rough­ly eight months after LG Elec­tron­ics said at its press con­fer­ence that it plans to incor­po­rate NFT fea­tures into its smart TV. The plat­form is now avail­able in the U.S. only to those with LG TV run­ning webOS 5.0 or lat­er and is acces­si­ble direct­ly from the home screen.

LG Elec­tron­ics part­nered with the Hed­era net­work to offer an app that enables users to pur­chase NFTs via Wal­lyp­to, LG’s cryp­to wal­let for smartphones.

“Wal­lyp­to, built on Hed­era, has been devel­op­ing since Sep­tem­ber 2021,” Chris Jo, senior vice pres­i­dent, head of plat­form busi­ness at LG Elec­tron­ics home enter­tain­ment com­pa­ny, 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 gov­ern­ing coun­cil that includes Google, IBM, Deutsche Telekom and the Indi­an Insti­tute of Tech­nol­o­gy, and more.

“While many peo­ple have heard of NFTs and would like to par­tic­i­pate in the grow­ing ecosys­tem, it can be over­ly com­plex and dif­fi­cult to get start­ed,” Jo said. “LG Art Lab is designed to allow mil­lions of users in the U.S. to eas­i­ly access and dis­play NFTs, with­out hav­ing to inter­act with code or direct­ly with a blockchain themselves.”

The NFT plat­form pro­vides a Drops fea­ture that pro­files artists and shows their new art­work pre­views. Its real-time Live Drops fea­ture gives noti­fi­ca­tions to help users acquire a dropped NFT to ensure they do not miss an opportunity.

LG Art Lab

Image Cred­its: LG Electronics/ Cour­tesy of Bar­ry X Ball Stu­dio, Inc.

Jo also said that Hed­era allows users to trans­act for less than $0.0001 cent per trans­ac­tion (with no high gas fee or hid­den costs), mean­ing that there are no hid­den costs asso­ci­at­ed with the NFT platform.

“The Hed­era Net­work con­sumes vast­ly less ener­gy than any oth­er pub­lic ledger, mak­ing it the ide­al choice for sus­tain­able ini­tia­tives and mean­ing that it can meet the ESG of mod­ern busi­ness­es and investors,” Jo explained. Users can buy, sell and dis­play NFTs on the Hed­era net­work with­out wor­ry­ing about the high ener­gy con­sump­tion asso­ci­at­ed with oth­er pub­lic net­works, he said, adding that Hed­era guar­an­tees a low, pre­dictable fee for users, unlike many oth­er decen­tral­ized networks.

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

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *