LG has chosen Hedera blockchain network for its TV NFTs

Sep 05, 2022
The global consumer electronics giant is launching television NFTs on a platform running on the Hedera native network.
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The Korean tech manufacturer launches the LG Art Lab platform for the exchange of NFT tokens, operating on the Hedera network. Owners of smart TVs equipped with the latest software from LG will be able to buy or sell their NFTs directly from the screens of their devices.

LG’s move towards the NFT area was followed by the release of the main competitor of the Samsung NFT marketplace on three models of TVs with Nifty Gateway support.

The LG Art Lab platform will be available to users only on LG TVs. Using the LG Wallypto mobile crypto wallet, TV owners will be able to buy assets simply by scanning a QR code.

LG Senior Vice President Chris Joe said in an interview that the goal of the platform is to make NFT technology available to users who want to “take a step into space.”

Meanwhile, blockchain experts consider the choice of the native Hedera network not obvious for NFT integration. According to the data for the last month, the trading volume of Hash Axis on Hedera NFT marketplace in the amount of $36 thousand looks very modest compared to the trading volume of Ethereum in the amount of $330 million on OpenSea. The main reason for the use of the Hedera network by LG is that the Korean giant has been a member of the Hedera board since 2020.