LG Electronics, a television company based in Seoul, has unveiled a new NFT platform utilizing the Hedera blockchain. LG is now adopting non-fungible tokens (NFTs) for its TVs, just months after Samsung revealed that it would do the same.
With LG Art Lab, the firm’s newly deployed NFT marketplace, you can “buy, sell, and enjoy high-quality digital artwork” right from your TV.
The app, which can be downloaded from the TV’s home screen, is currently only accessible to users in the US who own an LG TV running webOS 5.0 or later.
The first of these drops, scheduled for September 22nd, will include a collection of NFTs with a metallic appearance.
LG’s NFT platform is built with the Hedera blockchain
However, LG claims that once the platform offers an NFT you can actually purchase, you can simply use the QR code that shows up on the screen and then launch the Wallypto app on your mobile device to finish the transaction.
Hedera, which bills itself as the “most used, sustainable, enterprise public ledger for the decentralized economy,” serves as the foundation for the new NFT platform. The Hedera network uses a blockchain alternative called hashgraph rather than the Ethereum or Solana networks, which many well-known NFT marketplaces support.
LG is just one of many businesses that make up the Hedera network’s governing body. Supporters of the system assert that it is quicker and more effective than conducting transactions on the blockchain.
The firm is not the first significant business to notice a possibility in the NFT market. In June, the Swiss watchmaker Tag Heuer unveiled a new tool that allowed users to display NFTs on the face of specific smartwatches.
Industry giants are spreading their wings and trying to get their hands on NFTs and metaverse. The firms are venturing into the possibilities to expand their virtual growth.