Non-Fungible Token
LG Electronics Launches NFT Platform That Allows Users To Buy And Sell Digital Artwork
LG launched its own Non-Fungible Token (NFT) platform called “LG Art lab” which allows users to buy and sell digital artworks on its smart TVs
NFTs are rapidly sweeping the world of digital art and collectibles, with several companies currently jumping into the NFT space for branding and the like.
Recently, South Korean multinational electronics company LG, launched its own Non-Fungible Token (NFT) platform called “LG Art lab” which allows users to buy and sell digital artworks on its smart TVs.
This launch is coming months after the electronics company disclosed at its press conference that it intends to incorporate NFT features into its smart TV.
The new platform “LG Art Lab”, is currently available in the U.S, and will only be accessible to those who own the LG TV running webOS 5.0 and can be directly accessible from home, enabling users to buy, sell and enjoy high-quality digital artworks.
LG Electronics partnered with the Hedera Network to offer an app that enables users to purchase NFTs via Wallypto, LG’s crypto wallet for smartphones. The partnership between the two companies was initiated in 2020 when LG joined the Hedera Governinv council which includes Google, IBM, Deutsche Telekom and the Indian Institute of Technology, and more.
Senior Vice President, head of platform business at LG Electronics home entertainment company, Chris Jo had this to say.
“Wallypto, built on Hedera, has been developing since September 2021. “Its beta version of the wallet launched this week in August.
“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.”
The NFT platform provides a Drops feature that profiles artists and shows their new artwork previews.
Its real-time Live Drops feature gives notifications to help users acquire a dropped NFT to ensure they do not miss an opportunity.
Jo also said that Hedera allows users to transact for less than $0.0001 cent per transaction (with no high gas fee or hidden costs), meaning that there are no hidden costs associated with the NFT platform.
In his words; “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.