LG Electronics recently launched a non-fungible token (NFT) platform that allows users to discover, buy, sell, and trade NFTs on LG’s smart TVs. Interestingly, the announcement comes eight months after the company revealed its plans to incorporate NFT features into its smartTV.
LG Electronics’ NFT platform
The LG Art Lab is currently only available in the US. However, users must have LG TVs running webOS 5.0 or later. In addition, they can access the NFT platform directly from the home screen.
Moreover, LG claims it developed this NFT platform so users can conveniently access and use NFTs. Chris Jo, senior VP and head of platform business, stated, “LG Art Lab is designed to allow millions of users in the US to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”
Additionally, the platform includes the LG Art Lab Drops feature, which contains artists’ profiles and previews of upcoming new work. On the other hand, the real-time Live Drops feature gives notifications to help users acquire a dropped NFT. Thus, ensuring they don’t miss an opportunity. Plus, once users purchase an NFT, they can trade it on LG Art Lab Marketplace. Here, they can view their transaction history, and in My Collection, they can see all their owned artworks. In addition, the NFTs fully come to life when displayed on the cinematic, 16:9 aspect ratio screens of LG’s TVs.
Most importantly, LG Art Lab also offers informative artwork descriptions and short films that throw light on artists’ creative processes. Hence, users can get an insight into their favorite NFTs and the creative minds behind them. In addition, they can follow and learn more about any artist in the app’s profile feature. And here’s the fun part – users have the opportunity to meet some of the artists at upcoming LG-sponsored art events.
LG partnered with the Hedera network to build LG Art Lab, which enables users to purchase NFTs via Wallypto (LG’s crypto wallet for smartphones). Jo noted, “Wallypto, built on Hedera, has been developing since September 2021. Its beta version of the wallet launched this week in August.”
Jo also revealed that Hedera enables users to transact for less than 0.0001 cents per transaction, with no high gas or hidden costs. Therefore, LG Art Lab isn’t associated with any hidden costs.
Jo also explained, “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 (Environmental, Social, and Governance) of modern businesses and investors.” He elaborated, “Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks.” According to Jo, “unlike many decentralized networks, Hedera guarantees users a low, predictable fee.”