LG adds an NFT platform to its smart TVs

What just happened? Despite declining public interest in NFTs and a 99% drop in OpenSea transactions since May, LG is bringing non-fungible tokens to its smart TVs. Owners of LG TVs with webOS 5.0 or later will be able to access the LG Art Lab platform, allowing them to discover, buy, sell and trade “high quality artwork” directly from their TVs.

If you have a compatible LG TV, live in the US and want to access the market, the app can be downloaded from the home screen of the TV. There are no NFTs available yet; the first drops, a set by sculptor Barry X Ball, will arrive on September 22nd. LG says more will be added on a monthly basis.

The LG Art Lab platform is created in collaboration with the Hedera network. It uses a blockchain alternative called hashgraph and describes itself as “the most used and enduring public business register for the decentralized economy”.

NFTs can be purchased using Wallypto, LG’s cryptocurrency wallet for smartphones launched in beta last month. The purchase process involves scanning a QR code that appears on the TV screen and then completing the purchase using Wallypto on a phone. However, you will need to own the $ (USDC) versions first.

Owned NFTs, which can be traded, will be visible in the My Collection section. You can also view them on your TV when the device is not in use.

“To help users better understand their favorite NFTs and the creative minds behind them, the platform also includes informative descriptions of works of art and short films that illuminate artists’ creative processes,” says LG. “Users can follow and learn more about each artist in the app’s profile feature and will also have the opportunity to meet some at upcoming LG sponsored art events. “

LG Electronics announced LG Art Lab in January. At the time, OpenSea, the largest NFT market in the world, had approximately 58,780 active users. That figure had dropped to 23,620 by August 27. Trading volume data declined further, from a peak of $ 400 million on May 1 to $ 5 million on August 28, a drop of 99%. We also learned in July that OpenSea was reducing its workforce by 20% due to the turmoil in the economy and the cryptocurrency winter.

LG joins local tech rival Samsung in offering NFT through its televisions. The Galaxy maker announced in January that it would be adding NFT functionality to its latest sets, including the Micro LED and Neo QLED models.

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