LG partners with Hedera for an NFT marketplace on its smart TVs!

The South Korean giant officially introduced its own NFT called titled LG Art Lab, allowing users to buy and sell NFTs directly from their TV.

A digital artwork from Barry X Ball that is being exhibited in LG Art Lab 

Discover, buy, sell and trade NFTs on LG's smart TVs

LG Electronics posted the announcement of the new platform via Twitter, declaring that the application will "host a highly curated selection of world-class artists from around the globe". 

Around 8 months ago, the company showcased its plans to include NFT features in its smart TV at its press conference. LG Electronics teamed up with the Hedera network to come up with an app that enables users to purchase NFTs via Wallypto, LG's crypto wallet for smartphones.

According to its website, Hedera is the most used enterprise-grade public network. It offers HBAR as the native, energy-efficient cryptocurrency that powers the decentralized economy.

Allegedly, the collaboration between the two companies began in 2020 when LG joined the Hedera governing council that includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.

NFT collectors can admire their purchased artwork on LG's OLED TVs

Even though Art Lab is still in its early days, users will still be able to purchase an NFT on it by simply scanning a QR code and using the Wallypto app. The blog explained,

Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can easily view transaction history, while in My Collection they can admire all of their owned artworks. When displayed on the cinematic, 16:9 aspect ratio screens of LG’s TVs, NFTs come fully to life – especially on the company’s OLED TVs, which leverage self-lit pixels to deliver infinite contrast, inky blacks, and exceptional color accuracy.

Senior VP and Head of platform business at LG Electronics Chris Jo added that many people have wanted to join the growing ecosystem of NFTs but the process can be complex for beginners. Thus, the 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 Art Lab is also equipped with 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.

Jo claimed that Hedera allows users to transact for less than USD 0.0001 cent per transaction so that there are no hidden costs associated with the NFT platform.

The LG Art Lab welcomes the first-ever digital artwork from a popular sculptor Barry X Ball. He is well-known for reinterpreting classical and modernist sculptures using the latest 3D scanning and printing technologies, as well as traditional techniques. The 'Metal' series digital works of Barry X Ball is now on the NFT platform.

As of writing, the Art Lab is now available in the US only to those with LG TV running webOS 5.0 or later and is accessible directly from the home screen.

Source: LG