LG Art Labs: LG Electronics introduces its new NFT marketplace
South Korean multinational electronics company LG Electronics has now expanded to provide NFT services.
On Monday, the company announced that its NFT platform LG Art Labs, is now available for users to buy, sell, and trade non-fungible tokens (NFTs). The platform’s services are currently available to owners of LG TVs running webOS 5.0 or later in the US, allowing them to trade NFTs from their TV home screens.
The LG TV users will be able to purchase NFTs using Wallypto, LG’s crypto wallet for smartphones developed in partnership with the Hedera network. According to Chris Jo, senior vice president and head of platform business at LG Electronics home entertainment company, Wallypto has been in development since September 2021.
LG’s partnership with Hedera first started in 2020 after the electronics manufacturer joined the Hedera governing council for the network, along with other tech giants including Google, IBM, Deutsche Telekom, and Boeing.
LG Art Labs is still in its nascent stage, and it is currently bare of any NFTs that one can buy, although it does feature a video loop of Barry X Ball’s upcoming NFT. LG says users can buy NFTs by scanning a QR code on the screen, redirecting them to the Wallypto app on their phones to complete the transaction.
The LG-Hedera collaboration lets users of the NFT marketplace enjoy significantly lower gas fees. Jo said there are no hidden costs on LG Art Labs, and each transaction costs less than US$ 0.0001.
LG also noted that it would add NFTs from creators monthly, and users will be able to display NFTs they own on their TVs.
This year, LG has become the second South Korean electronics giant to join the NFT bandwagon.
In January, Samsung introduced a similar initiative after agreeing to a partnership with NFT marketplace Nifty Gateway. Samsung’s latest MICRO LED and Neo QLED TVs featured an NFT functionality allowing users to trade and display NFTs on their smart TVs.