Seoul-based electronics giant LG Electronics has unveiled its non-fungible token (NFT) platform LG Art Lab, which allows users to buy, sell, and trade NFTs on some of the company’s smart TVs. The move comes as more and more mainstream brands like Nike push deeper into Web3.
LG Commits to Web3 With Crypto Wallet
Earlier this month, the South Korean electronics giant announced that it is developing a cryptocurrency wallet projected to launch later this year. Called Wallypto, the wallet will help LG to enter the blockchain space, according to a report by local South Korean news agency News 1.
The report claimed that the wallet will “create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.” Wallypto will only support Hedra Hashgraph assets at launch.
The wallet will support Hedra Hashgraphy (HTS) tokens and will add support for more cryptocurrencies and NFTs upon its release. “After going through the final verification process to catch system errors, it is likely to be released in the third quarter at the earliest or within the year at the latest,” the report said.
In April 2021, LG called it quits for its mobile business unit in a bid to focus resources in other areas such as artificial intelligence, business-to-business solutions, and software solutions, among others. And during its latest shareholder’s meeting, the company introduced blockchain technology as part of its new business focus.
LG Rolls Out NFTs on Smart TVs
Following the introduction of its crypto wallet, LG has launched its NFT marketplace. Called LG Art Lab, the platform will be available in the US on the company’s TVs running webOS 5.0 or later and will allow users to buy, sell and showcase their Hedera NFTs from their screens, according to a recent announcement.
“A convenient, one-stop solution for viewing and trading NFTs at home, the platform includes the LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform. Meanwhile, the real-time Live Drops countdown ensures users never miss an opportunity to acquire a ‘just dropped’ NFT.”
The announcement comes approximately eight months after the company expressed intentions to add support for NFTs. During a press conference, the TV giant said it aims to incorporate NFTs into its smart TV in a bid to “redefine viewing and user experience.”
Notably, LG has leveraged the lesser-known Hedera network to offer the NFT feature. Hedera is a public network that offers faster, cheaper, and more efficient transactions thanks to the underlying hashgraph consensus algorithm and the global enterprise governing body, which owns and operates Hedera.
In 2020, LG Electronics partnered with Hedera by joining the Hedera governing council, which also includes Google, IBM, Deutsche Telekom, the Indian Institute of Technology, and more. The platform has also partnered with the Hedera network to offer an app that enables users to purchase NFTs via Wallypto.
NFT Market Down by 99% Compared to 2022 Highs
The market for NFTs is still struggling to recover amid a prolonged crypto winter. NFT sales volumes have fallen to the lowest levels in more than a year, and the floor price of blue-chip collections has also taken a hit.
According to NFT data aggregator CryptoSlam, NFT sales volume in terms of USD across the Ethereum blockchain has dropped to around $6 million in recent days, down by over 99% compared to the all-time high of $628 million recorded on May 1, 2022.
However, it is worth noting that the continued adoption of NFTs and investments in the industry could suggest that this market downturn is temporary. As reported, NFT collective Proof raised $50 million in Series A funding despite the overall sour market conditions last month, which suggests that big investors are still bullish on the NFT market.
This article originally appeared on The Tokenist
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