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LG launches NFT marketplace – LG Art Lab

LG has launched its own NFT marketplace, LG Art Lab, allowing users to buy and sell NFTs directly from their televisions.

In its announcement, LG describes the new platform as a “curated selection of world-class artists from around the world” that will be integrated across mobile devices, desktop computers, and LG TVs.

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As tokenized blockchain representations of non-fungible assets, NFTs cannot be replaced and are unique. On the blockchain ledger, NFTs are typically digitized artworks or collectibles, similar to non-fungible art and antiques in the tangible world.

While the platform is still in its early stages, users will be able to scan a QR code and use the Wallypto app to purchase a NFT on LG Art Lab. On September 22, LG will release its first NFT drop, featuring New York-based sculptor Barry X Ball.

Moreover, Art Lab has a countdown feature to remind users when NFT drops are due. It is expected that LG will continue adding NFTs to the platform on a monthly basis. Purchased NFTs will be accessed through the LG Art Lab app.

LG Art Lab will be available from the TV’s home screen to all US LG TV owners running webOS 5.0 or later. In LG Art Labs, transactions are handled by Wallypto, the crypto wallet LG developed last September together with the Hedera network.

As an alternative to blockchain, Hedera uses a distributed ledger system known as hashgraph, which offers top speeds, highly functional smart contracts, high energy efficiency, and minimal transaction costs. The partnership between Hedera and LG began in 2020 when LG joined the Hedera governing council along with Google, IBM, Deutsche Telekom, and Ubisoft.

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Samsung Electronics, with its three TV models Micro LED, Neo QLED, and The Frame, also launched NFT functionality in January 2022. However, Samsung’s NFT platform is supported by Nifty Gateway.