South Korean electronics company LG has just launched its own new NFT marketplace, dubbed “LG Art Labs,” available from today to all US LG television owners running webOS 5.0.
The marketplace is accessible from the LG home screen and enables people to buy, sell, and trade non-fungible tokens (NFTs) from the comfort of their homes.
NFTs are tokenized blockchain representations of non-fungible assets, which means they’re unique and can’t be replaced. In the tangible world, art and antiques are often non-fungible; similarly, on a blockchain ledger, NFTs typically represent digitized artworks or collectibles.
Transactions on LG Art Labs are handled by Wallypto, LG’s in-app crypto wallet developed by the Hedera network last September.
Hedera uses an alternative distributed ledger system (DLS) to blockchain called hashgraph, which boasts top speeds, high-functionality smart contracts, high energy efficiency, and costs fractions of a penny to transact on.
LG applied to register the patent for Wallypto on August 12 this year.
Hedera and LG first teamed up back in 2020 when LG joined other tech heavyweights like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing council.
LG Electronics joins NFT race
LG isn’t the first Korean television manufacturer to bring NFT trading into the TV experience.
Back in March this year, Samsung announced a partnership with NFT marketplace Nifty Gateway to create a new NFT marketplace for Samsung TV owners.
Users can view, buy, trade, and display NFTs through a smart TV interface that was initially announced back in January.
The Samsung NFT Platform is supported on 2022 models of Samsung’s MICRO LED, Neo QLED, and The Frame TVs.