LG launches new NFT Marketplace

South Korean electronics giant LG has launched an NFT marketplace where users may purchase, sell, and trade non-fungible tokens dubbed LG Art Labs
Electronics giant LG launches new NFT Marketplace
LG launches new NFT Marketplace

The “LG Art Labs” NFT marketplace has just been released by LG, a South Korean electronics business, and is now accessible to all US LG television owners running webOS 5.0.

From the comfort of their homes, users may purchase, sell, and trade non-fungible tokens (NFTs) through the marketplace, which is available from the TV’s home screen.

NFTs are non-fungible tokenized blockchain representations of non-fungible assets, making them distinct and irreplaceable. Similar to how antiques and works of art are frequently non-fungible in the real world, NFTs on a blockchain ledger typically represent digital versions of these items.

Wallypto, LG’s in-app cryptocurrency wallet created by the Hedera network last September, manages transactions on LG Art Labs. On August 12 of this year, the electronics giant submitted an application to register the Wallypto patent.

Hashgraph, an alternative distributed ledger system (DLS) to blockchain that offers lightning-fast transaction times, highly functional smart contracts, high energy efficiency, and transaction fees that amount to only pennies, is the DLS that Hedera employs.

When LG joined other tech giants like Google, IBM, Deutsche Telekom, and Ubisoft on Hedera’s governing board in 2020, the two companies initially collaborated.

Samsung and NFT

The electronics giant is not the first Korean TV maker to integrate NFT trading into the viewing experience. To develop a new NFT marketplace for owners of Samsung TVs, Samsung announced a partnership with NFT marketplace Nifty Gateway back in March of this year.

Through a smart TV interface that was first unveiled in January, users may view, purchase, trade, and display NFTs. The Samsung MICRO LED, Neo QLED, and The Frame TV models from 2022 are supported by the Samsung NFT Platform.