LG Electronics has announced the release of its LG Art Lab platform, which will allow its users to find, buy, sell, and trade NFTs on their LG smart TVs
Keeping up with the times
LG Electronics reveals this new feature 8 months after announcing its plans to include NFT features in smart TVs. The new platform is currently only offered in the United States to the owners of an LG TV with WebOS 5.0 or later, and is available from the home screen.
The company has partnered with Hedera to offer an app allowing users to purchase NFTs through Wallypto, LG’s smartphone cryptocurrency wallet.
“Wallypto, built on Hedera, has been developing since September 2021. Its beta version of the wallet launched in August,” said Chris Jo, senior VP and head of platform business at LG Electronics home entertainment company.
LG Electronics became partners with the Hedera network in 2020 when it joined Hedera’s governing board, which also includes such organizations as Google, IBM, Deutsche Telekom, the Indian Institute of Technology and others.
Buying NFTs is getting easier
“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started. 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 themselves,” Chris Jo added.
The platform offers a Drops feature that profiles artists and displays previews of their new work. The Live Drops feature provides notifications in real time to help users purchase new NFTs so they do not miss out on any opportunities.
Low commissions and high speed
Chris Jo also said that the Hedera network has reduced transaction fees to less than 0.0001 cents per transaction (no high gas fees or hidden costs). It means that there are no hidden costs associated with the new NFT platform.
He explained, “The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors.” It is possible to trade and display NFTs on Hedera without ever worrying about the high energy consumption of other public networks. Jo also emphasized that Hedera guarantees a low and predictable fee for its users, unlike many of the other decentralized networks.
South Korean IT and entertainment companies are actively entering the NFT industry. In January, one of LG’s competitors — Samsung — presented the plan of its new smart TV-based NFT marketplace. Samsung stated it would add NFT features to its TVs such as MICRO LED and Neo QLED.
