LG Electronics announced on Sunday that it had launched the LG Art Lab, an NFT platform that lets LG users discover, buy, sell, and trade NFTs using their LG smart TVs.
On Sunday, South Korean multinational electronics company LG announced that it had released an NFT platform called LG Art Lab. This NFT platform will allow LG users to use their LG smart TVs to buy, sell, and trade NFTs.
The company’s announcement comes about eight months after they implied at a press conference that they plan to incorporate NFT features into their smart TV. LG Art Lab is available to LG users in the United States, specifically those with LG smart TV running webOS 5.0 or later. The platform is directly accessible from the home screen.
LG Electronics x Hedera Network
LG Electronics collaborated with the Hedera network to create an app enabling users to purchase NFTs using Wallypto, LG’s exclusive smartphone cryptocurrency wallet. The Hedera network is perhaps the most used, sustainable, enterprise-grade public ledger for the decentralized economy.
That’s because the network incorporates onscreen QR codes that allow users to complete transactions using Wallypto quickly. Thus, buying and selling NFTs is practically seamless.
“Wallypto, built on Hedera, has been developing since September 2021,” Chris Jo, senior vice president and head of platform business at LG Electronics home entertainment company, said in an interview. “[The] beta version of the wallet launched this week in August.”
According to Jo, Hedera lets users transact for less than $0.0001 per transaction, minus high gas fees or hidden costs.
“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,” Jo explained.
Simply put, Users can buy, sell, and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks. Unlike many other decentralized networks, Jo guaranteed users a low, predictable fee.
What to Expect with LG Art Lab
LG Electronics’ partnership with Hedera started in 2020 when LG joined Hedera’s governing council. This council includes IBM, Google, Deutsche Telekom, and the Indian Institute of Technology, among others.
“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,” Jo said. “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”
LG hopes that consumers will enjoy their smart TVs more through the LG Art Lab. They also claimed that TVs are the perfect medium for displaying one’s NFT collection, showing that even big companies are starting to recognize that NFTs are moving closer to mainstream adoption.
The LG Art Lab NFT platform will have the “Drops” feature, which profiles artists and previews new NFT artwork coming soon to the platform. There is also a real-time “Live Drops” countdown, which notifies users to help them acquire an NFT that just dropped; thus, consumers will never miss an opportunity.
Once users purchase NFTs, they can trade them on the LG Art Lab Marketplace. Here, users can seamlessly go over their transaction histories. There is even a “My Collection” option where users can see all the NFT artworks they own. Users can display the artworks on the cinematic or the 16:9 aspect ratio screens of LG’s smart TVs to see their NFTs come to life.
As seen in the image above, famous sculptor Barry X Ball will be the featured artist in LG Art Lab, where his first-ever digital artwork will be displayed. Ball is well-known for using the latest 3D scanning and printing technologies to reinterpret classical and modernist sculptures. Nevertheless, he is debuting in the world of NFT art through a series of digital artwork called “Metal.”
The first of these NFT artworks will be available via the Drops feature of LG Art Lab in the coming weeks. The next series, “Stone,” and works from other artists will be added to the platform monthly.
Some other features of the LG Art Lab are the informative artwork descriptions and short films highlighting the artists’ creative processes. Hence, users gain a deeper understanding of the NFTs on display and the creative minds behind them.
Users can also follow and learn more about the artists through the profile feature. Finally, users can get the chance to meet some of these artists at upcoming art events sponsored by LG Electronics.
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