LG launches art NFTs for its smart TVs

venturebeat.com:

Interested in learning what's next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit Next. Register today.

LG Electronics has launched its own non-fungible token (NFT) platform, LG Art Lab.

Now available in the U.S. on the company’s TVs running webOS 5.0 or later, and accessible directly from the home screen, the new platform enables users to buy, sell and enjoy high-quality digital artwork.

LG is of course hoping this art work will help consumers enjoy their TVs more, and it says the TVs are the perfect medium for displaying one’s NFT collection. It’s a sign that big companies see NFTs as being a step closer to mainstream adoption.

LG said it has built the platform to make it convenient and accessible to use NFTs. It includes the LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform. Meanwhile, the real-time Live Drops countdown ensures users can acquire a “just dropped” NFT.

GamesBeat Summit Next 2022

Join gaming leaders live this October 25-26 in San Francisco to examine the next big opportunities within the gaming industry.

LG’s new platform is based on the Hedera network, the most used, sustainable, enterprise-grade public ledger for the decentralized economy, makes buying and selling as simple as possible, incorporating onscreen QR codes that let users quickly complete transactions via Wallypto – the company’s crypto-currency wallet for smartphones.

Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can easily view transaction history, while in My Collection they can see all of their owned artworks. When displayed on the cinematic, 16:9 aspect ratio screens of LG’s TVs, NFTs