South Korean multinational company, LG Electronics has launched its new NFT platform LG Art Lab. This was announced in a tweet published recently.
The platform will offer a curated selection of world-class artists integrated seamlessly into mobiles, desktops, and LG TVs.
The marketplace is accessible from the LG home screen or smart TVs and enables people to buy, sell, and trade non-fungible tokens (NFTs) from the comfort of their homes.
Wallypto, LG’s in-app crypto wallet developed by the Hedera network last September is handling transactions on LG Art Labs. The NFT platform is also built on the Hedera blockchain network since LG is part of the Hedera Governing Council. Furthermore, Users can work with the platform if they complete the most recent software update.
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. The transaction will require holding USDC.
Additionally, the feature is currently limited to individuals in the United States. The first NFT collection is set to be available on September 22, released by artist Barry X Ball.
With the launch of LG Art Lab, LG joined Samsung in announcing the launch of digital art in January 2022. In its statement, the company stated that it will be collaborating with digital artists. Samsung has also released an NFT marketplace on some of its TVs, and it makes use of Nifty Gateway.
LG plans to add more collections on a monthly basis.
Companies like Samsung and LG have both been working with blockchain technology and other developments like NFTs. After Samsung had announced that it would support some crypto assets on its Galaxy phones, LG revealed that it was working on its own blockchain-focused phones. However, not much news has appeared on this matter since.
The incorporation of NFTs seems to have more promise because businesses can collaborate with different brands and artists to improve user engagement. The integration with NFTs expands the possibilities for displaying artwork on high-end TVs, which are utilized for this purpose frequently.
Web3 is popular in South Korea generally, and the Government is developing regulations to support it. Companies may be encouraged to invest more in NFTs and associated technologies as a result of this.