LG Taps Hedera Blockchain for NFT Marketplace

LG Electronics, a TV company based in Seoul, has announced the launch LG Art Lab, a marketplace for non-fungible tokens (NFT). This could potentially open up NFT collecting to a wider audience.

The platform is based on Hedera and allows users to trade, buy, sell, and explore NFTs using LG’s smart TV sets. LG Art Lab will include QR codes on the screen to allow users to make transactions using Wallypto, the company’s cryptocurrency wallet for smartphones. It is also built on Hedera.

An NFT can be traded after it is purchased on the LG Art Lab Marketplace. You will be able view your transaction history and to see your own artwork.

LG-Hedera’s Collaboration

LG first mentioned plans to integrate NFT features into its smart television at a press conference in January. Hedera confirmed the news via Twitter.

LGElectronics, a member of the Governing Council, has launched LG Art Lab. This is a Hedera-based app that allows LG TV owners to sell, buy and display #HederaNFTs right from their TVs. The LG Art Lab app will work on all LG TVs that run webOS5.0. #HelloFuture.”

As the South Korean television giant joined the Hedera Governing Council in May 2020, the move to join Hedera for NFT integration was natural. LG was the only home appliance manufacturer that was invited to join the council, which also includes IBM, Deutsche Telekom, Google and IIT.

This collaboration was primarily about identifying how distributed ledger technology can be used to benefit consumers and supply chain partners, facilitating seamless transactions.

Tech Firms Tapping NFT Space

LG’s NFT venture follows that of its competitor, Samsung Electronics. In January 2012, Samsung announced plans for NFT integration in its new TVs at CES. It added NFT functionality three months later to its smart TV sets. Samsung announced that it would combine data from different marketplaces to provide information about artwork. This was to make Samsung the first electronics company with NFTs in TV sets.

The tech giant had partnered up with Nifty Gateway for the initiative. Nifty Gateway is an Ethereum-centric marketplace that was established in 2018. It was later acquired by the crypto exchange Gemini.

CryptoPotato’s first article, LG Taps Hedera Blockchain to NFT Marketplace appeared on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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