LG Electronics introduces NFT platform that allows users to buy and sell digital artwork

lg electronics launches nft platform

LG Electronics said it had launched its non-fungible token (NFT) platform LG Art Lab, which enables users to discover, buy, sell, and exchange NFTs on LG’s Smart TVs.

LG’s announcement comes roughly eight months after the company said at its press conference that it plans to integrate NFT features into its Smart TV. The platform is now available in the US, limited to customers with LG TV running webOS 5.0 or later, and is accessible directly from the home screen.

LG Electronics partnered with the Hedera network to offer an app that allows users to purchase NFTS via LG’s crypto wallet for smartphones, Wallypto.

Senior Vice President and head of platform business at LG Electronics home entertainment company, Chris Jo, said Wallypto, built on Hedera, has been developing since September 2021. The wallet’s beta version was launched this week in August.

Chris Jo added that Hedera lets users transact for less than $0.0001 per transaction, with no hidden costs or high gas fees, meaning that there are no hidden costs associated with the NFT platform.

South Korea’s IT and entertainment firms are jumping into the NFT industry. In January 2022, LG’s rival Samsung unveiled its new intelligent TV-based NFT marketplace plan. Samsung said it would add NFT features on Samsung TVs like MICRO LED and Neo QLED.