LG partners with Hedera Blockchain to launch the NFT marketplace LG Art Lab

Seoul-based TV giant LG Electronics recently announced its partnership with Hadera and the launch of its NFT marketplace, LG Art Lab, and opening up the NFT collection to a potentially far larger audience.

On LG’s smart televisions, customers will be able to discover, purchase, sell, and trade NFTs using this platform, which is based on the Hedera blockchain. Onscreen QR codes will also be included in LG Art Lab to let users execute transactions using the company’s Wallypto mobile cryptocurrency wallet, which is also based on Hedera.

An NFT can be traded on the LG Art Lab Marketplace after being purchased.  Users will have the ability to look at their own artwork in addition to viewing transaction history.

At a press conference earlier this year, LG first made the announcement that it will include NFT features in its upcoming smart TV. Hedera tweeted about the development to confirm it.

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. #HelloFuturehttps://t.co/KQBUgaE2j5

— Hedera (@hedera) September 5, 2022

Given that the South Korean television firm first joined the Hedera Governing Council back in May 2020, the decision to onboard Hedera for an NFT integration follows obvious. The only home appliance company to join the council at that time was LG. Other members of the council include Google, IBM, Deutsche Telekom, and IIT, among others.

The collaboration’s main goal was to show how distributed ledger technology might help supply chain partners and consumers by enabling smooth transactions.

LG follows Samsung’s steps to enter the NFT world

Following its rival Samsung Electronics’ announcement of potential NFT integration within its new TVs at the CES trade exhibition in January 2022, LG also entered the emerging sector. It updated its smart TV models with NFT features three months later. Notably, Samsung America also floated its virtual store on Decentraland, as TheCoinRise reported.

According to the release, Samsung planned to compile information from various marketplaces and provide details on the artwork, making it the first electronics business to integrate digital artworks into TVs. The tech giant collaborated on the project with Nifty Gateway, an Ethereum-focused marketplace that was established in 2018.