LG Electronics launches its own NFT platform

September 07, 2022

By Anjali Kochhar

Consumer electronics company LG has released its non-fungible token (NFT) platform LG Art Lab, which allows users to buy, sell and trade NFTs on LG’s smart TVs, the company said Monday.

This comes around eight months after LG Electronics revealed plans to incorporate NFT features into its smart TV. The platform is now available in the U.S. only to those with LG TV running webOS 5.0 or later and is accessible directly from the home screen.

The company has partnered with Hedera Network to offer an application that allows users to buy NFTs via Wallypto, LG’s crypto wallet for smartphones, according to the statement shared.

“Wallypto, built on Hedera, has been developing since September 2021,” Chris Jo, senior vice president, head of platform business at LG Electronics home entertainment company, told TechCrunch. “Its beta version of the wallet launched this week in August.”

“While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started,” Jo said.

 “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”

The newly launched NFT platform provides a Drops feature that profiles artists and shows their new artwork previews. Its real-time Live Drops feature gives notifications to help users acquire a dropped NFT to ensure they do not miss an opportunity.

Jo also said that Hedera allows users to transact for less than $0.0001 cent per transaction with no high gas fee or hidden costs, which means that there are no hidden costs associated with the NFT platform.

“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors,” he explained.

Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks, he said, adding that Hedera guarantees a low, predictable fee for users, unlike many other decentralized networks.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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