LG Electronics’ NFT platform will be based on Hedera Hashgraph Network (HBAR)

The South Korean tech giant LG Electronics has chosen the Hedera Hashgraph (HBAR) network to bring NFTs to TV screens and is also testing a crypto wallet.

Source: Adobe / S_E

LG has launched its NFT platform called LG Art Workshop, available in the US on the company’s televisions running webOS 5.0 or later. The platform allows users to buy, sell, and display their Hedera-designed NFTs from their screens, the company said.

“The platform includes a feature Drops LG Art Labwhich profiles the artists and previews the new works that will soon be available on it, “said LG, noting that the real-time countdown of” Live Drops “allows users to anticipate the release date and to be able to acquire a “just deposited” NFT.

The announcement comes about eight months after LG Electronics announced plans to integrate NFTs into its smart TVs to “redefine viewing and user experience.”

Meanwhile, LG Electronics is conducting a developer beta test of a new crypto wallet app it has dubbed Wallypto.

According to News1 and Shina Ilbo, the company has registered the app name and logo with domestic and foreign patent offices and hopes to have an “official launch” by the end of the year. The company added that it is currently finalizing the details of the functionality of the wallet that will also be built on Hedera. Wallypto will likely be compatible with NFTs, LG said. The company may also look to integrate the portfolio with ThinQ, its growing Internet of Things (IoT) platform.

The Hedera network describes itself as an alternative to the blockchain and uses its own technology hash chartor another version of distributed ledger technology.

HBAR, ranked 42nd by market cap on Coingecko, is trading at $ 0.062 and is up 1% in one day and down 2% in a week. HBAR fell 80% in one year.

LG Electronics partnered with Hedera in 2020 by joining Hedera’s Board of Directors, which also includes Google, IBM, Deutsche Telekometc.

LG’s foray into NFT space follows a similar move by the rival company SAMSUNGSeoul-based, which announced the release of an NFT market on a range of televisions earlier this year, all supported by Elegant portal.

Meanwhile, the NFT market remains close to its early 2021 low. According to data from CryptoSlamNFT sales volume in USD terms on the Ethereum blockchain has fallen in recent days to around USD 6 million, a drop of more than 99% from the all-time high of USD 628 million recorded on May 1, 2022.

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