LG today announced the release of its “very own non-fungible token (NFT) platform, LG Art Lab”. The company, which gave a press release, noted that the NFT platform is a convenient, one-stop solution for viewing and trading NFTs for users with smart TVs at home. “The platform is now available in the U.S. only to those with LG TVs running webOS 5.0 or later and is accessible directly from the home screen,” LG said.
The LG Art Lab platform uses a blockchain alternative called hashgraph, and according to LG, it is the “most used, sustainable, enterprise public ledger for the decentralized economy.” Users can buy, sell, and trade NFTs, and these can be displayed on the brand’s smart TVs.
The blockchain being used is Hedera, and LG is part of the Hedera Governing Council. Users can work with the platform if they complete the most recent software update. TechCrunch, in its report, mentioned that the partnership between Hedera and LG Electronics was initiated in 2020 when LG joined the Hedera governing council that includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.
The first NFT collection to be available on September 22 was released by artist Barry X Ball who is famous for reinterpreting classical and modernist sculptures using the latest 3D scanning and printing technologies. Currently, the platform is new and does not feature much. However, users can buy one NFT by scanning the QR code and using LG’s Wallypto app.
LG first announced that it would be working with digital art in January 2022, and the release of LG Art Lab puts the company as a major competitor to local tech rival Samsung in offering NFTs through its TVs.
LG is removing barriers to accessing NFTs
LG’s Art Lab will make the process of buying and selling NFT collectibles easy, enabling everyone who owns an LG TV that supports WebOS 5.0 or higher to access new digital art. Accessibility is a major factor for LG’s approach – it will use LG’s own mobile crypto wallet Wallypto and NFTs can be bought by just scanning a QR code and then traded on the LG Art Lab Marketplace.
To help users gain a deeper understanding of their favorite NFTs and the creative minds behind them, the platform also presents informative artwork descriptions and short films that illuminate the artists’ creative processes. Users can follow and learn more about each artist in the app’s profile feature, and will have the opportunity to meet some of them at upcoming, LG-sponsored art events.
