In partnership with Hedera blockchain, South Korean-based electronics maker LG Electronics has unveiled a new NFT platform.
According to the firm, the LG Art Lab platform would enable users to buy, sell, and display digital artwork or non-fungible tokens (NFTs) on their televisions.
The Seoul-based television firm has joined the top companies that bring value to the NFT area with this latest move, while Swiss-based Tag Heuer was the first watchmaker to announce a feature that allows watch owners to display NFTs on their smartwatches in June.
The business also disclosed that LG Art Lab is accessible in the US on televisions running webOS 5.0 or later.
The platform also provides users with a countdown to impending NFT releases for artists as well as a glimpse of their artist profiles and upcoming work. Its marketplace offers a location for piece trading.
The transactions will go through Wallypto, a smartphone cryptocurrency wallet that LG has trademarked, and the Hedera network supports LG Art Lab.
Blockchain.News said that LG Electronics is establishing Wallypto as part of aims to broaden the scope of its business to encompass platforms and technologies.
The tech company will be assisted by Wallypto as they seriously join the blockchain or NFT sector.
Per the announcement, “it is also expected to actively create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.”
Christian Hasker, CMO of Swirlds Labs, the Hedera developer, said in a statement that the announcement will bring NFTs “beyond being computer-based collectables and toward becoming a piece of art displayed as any other artwork would be within the home of its owner.”
Earlier this year, LG made it known that it intended to broaden the scope of its corporate mission to encompass emerging industries such as blockchain, cryptocurrencies, and medical devices.
Shareholders approved these modifications at the company’s Annual General Meeting (AGM), which took place in March. As a result, according to Blockchain.News, the company’s new objectives now include the development and sale of blockchain-based software as well as the brokerage and sale of cryptocurrencies.
LG also collaborated with the blockchain-based Kakao Ground X platform and introduced smart TVs with an NFT option in February of this year.
