LG Smart TVs Can Now Buy and Sell NFTs
LG is set to join Samsung in turning its smart TVs into non-fungible token (NFT) trading platforms.
As TechCrunch reports(Opens in a new window), the new platform is called LG Art Lab(Opens in a new window), and it's available in the US on LG's smart TVs running webOS 5.0 or later. LG describes it(Opens in a new window) as a way of "collecting Fine art NFTs" using a marketplace for digital art operating on the Hedera blockchain. Users will be able to buy, sell, and display their NFT art using just a TV and remote.
The marketplace functions through a partnership with the Hedera network which provides an app for the NFT trading. It relies on LG's crypto wallet smartphone app Wallypto (also built on Hedera), which is used for purchases. There are no hidden fees, with the estimated transaction charge being less than $0.0001.
LG decided to create Art Lab to remove the complexity of NFTs for consumers. "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," explains Chris Jo, senior vice president, head of platform business at LG Electronics.
To encourage sales, there will be "Drops" consisting of artist profiles and new art previews. Real-time "Live Drops" take the idea a step further and send notifications to users telling them when new NFTs are available to purchase.
Samsung announced a similar service back in January, with an updated Smart Hub on 2022 MicroLED, Neo QLED, and The Frame TVs giving access to an NFT platform. Will they prove popular with consumers? The only way we'll be able to tell is how long these apps remain an option on the home screen, or more importantly, if they quietly disappear on 2023 models next year.
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