LG Signals Hedera Blockchain for NFT Marketplace:
Renowned TV giant, LG Electronics has announced the launch of its non-fungible token (NFT) marketplace, LG Art Lab.
With the latest marketplace, built on the Hedera blockchain, users will be able to explore, buy, sell and trade NFTs on LG’s smart television sets.
LG Art Lab will also feature onscreen QR codes to enable users to complete transactions with the help of the company’s crypto wallet for smartphones, called Wallypto- Also built on Hedera.
In working process, after an NFT is purchased, it can be traded on LG Art Lab Marketplace, and users will be able to view transaction history as well as view their own artwork.
LG X Hedera
Recall that LG had first hinted its plans to incorporate NFT features into its smart TV at a press conference earlier this year.
Authenticating the development, Hedera tweeted,
“Governing Council Member LGElectronics has launched LG Art Lab – built on Hedera – enabling LG TV owners to buy, sell and showcase #HederaNFTs from their screens. All LG TVs running webOS5.0 will be able to interact with the LG Art Lab app. #HelloFuture.”
Why Hedera blockchain?
The move to onboard Hedera for an NFT integration comes organically as LG first joined the Hedera Governing Council back in May 2020.
During that time, LG became the prime home appliance manufacturer to be roped in as a member of the council some of which also includes – Google, IBM, Deutsche Telekom and IIT, among others.
The collaboration is aimed at identifying distributed ledger technology (Blockchain) as a benefit to consumers and supply chain partners by facilitating seamless transactions.
Meanwhile, other Tech platforms like Samsung has hinted on its plans too – Announcing plans of factual NFT integration within its new TVs at the CES trade show in January this year.