LG Electronics said today that it has released its non-fungible token (NFT) platform LG Art Lab, which allows users to discover, buy, sell and trade NFTs on LG’s smart TVs.
The announcement comes about eight months after LG Electronics said at its press conference that it plans to include NFT features in its smart TV. The platform is now only available in the US for those with LG TV running webOS 5.0 or later and can be accessed directly from the home screen.
LG Electronics partnered with the Hedera network to offer an app that allows users to purchase NFTs through Wallypto, LG’s crypto wallet for smartphones.
“Wallypto, built on Hedera, has been evolving since September 2021,” Chris Jo, senior vice president, head of platform operations at LG Electronics home entertainment company, told TechCrunch. “The wallet beta launched this week in August.”
The partnership between Hedera and LG Electronics started in 2020 when LG joined Hedera’s board of directors, including Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.
“While many people have heard of NFTs and are eager to participate in the growing ecosystem, it can be too complex and difficult to get started,” Jo said. “LG Art Lab is designed to allow millions of users in the US to easily access and display NFTs without having to interact with code or directly with a blockchain.”
The NFT platform offers a Drops feature that profiles artists and showcases their new artwork samples. The real-time Live Drops feature provides notifications to help users acquire a lost NFT to make sure they don’t miss an opportunity.
Jo also said that Hedera allows users to transact for less than $0.0001 cents per transaction (with no high gas fees or hidden fees), meaning there are no hidden fees associated with the NFT platform.
“The Hedera Network consumes far less energy than any other ledger, making it the ideal choice for sustainable initiatives and meeting the ESG of modern companies and investors,” explains Jo. Users can buy, sell and list NFTs on the Hedera network without worrying about the high power consumption of other public networks, he said, adding that Hedera guarantees a low, predictable fee to users, unlike many other decentralized networks. networking.
South Korean 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 such as MICRO LED and Neo QLED.