LG is planning to follow in Samsung’s footsteps by converting its smartcast TVs into non-fungible token (NFT) trading platforms.
According to TechCrunch(Opens in a new window), the new platform is called LG Art Lab(Opens in a new window), and it is currently available in the United States on LG tv Netflix running webOS 5.0 or later. LG describes it(Opens in a new window) as a way of “collecting Fine art NFTs” through a digital art marketplace based on the Hedera blockchain. Users will be able to buy, sell, and display their NFT art using only a television and remote control.
The marketplace operates through a collaboration with the Hedera network, which provides an app for NFT trading. It makes use of LG’s crypto wallet smartphone app Wallypto (also built on Hedera) for purchases. There are no hidden charges, and the estimated transaction fee is less than $0.0001.
LG decided to establish Art Lab in order to simplify NFTs for consumers. “While many people have heard of NFTs and want to participate in the growing ecosystem, getting started can be overly complex and difficult,” says Chris Jo, senior vice president, head of platform business at LG Electronics.
There will be “Drops” of artist profiles and new art previews to encourage sales. Real-time “Live Drops” take the concept a step further by informing users when new NFTs are available for purchase.
Back in January, Samsung announced a similar service, with an updated Smart Hub on 2022 MicroLED, Neo QLED, and The Frame TVs providing access to an NFT platform. Will they be well-liked by customers? The only way to tell is how long these apps remain on the home screen, or, more importantly, if they mysteriously disappear on 2023 models next year.