The South Korean consumer electronics giant LG Electronics makes an entrance into blockchain technology and NFTs, as the corporation presents LG Art Lab in partnership with Hedera blockchain. Ultimately, LG Electronics has been on Hedera’s Governing Council for three years, so the company picked a trusted partner instead of any major blockchain companies.
NFT-shop on the sofa.#LG has created its own #NFT marketplace on the #Hedera blockchain - the platform will be called Art Lab and the NFTs purchased on it can be broadcast on the LG TV screen. pic.twitter.com/2Bynk9GwQWHome is Where the NFT Art Gallery Is— NFT enjoyer (@NFTenjoyer_) September 6, 2022
The TV makers aim to turn your living room telly into a digital art gallery. The LG Art Lab features a digital art marketplace in collaboration with Barry X Ball (NYSE:BALL) Studios. Plugged in by Hedera blockchain, the new NFT marketplace will work on any LG OLED Smart TVs. Furthermore, the new app can be easily accessed through the Home Screen.
pic.twitter.com/3LcABRZcclLG Art Lab can also import your owned NFTs, this is done through ‘My Collection’. All transactions can be seen on the NFT marketplace history, so trading your purchased NFTs only with the help of your TV becomes possible. However, the first one to introduce the innovation is rival Samsung Electronics (OTC:SSNLF). This was done in March, when Samsung (KS:005930) partnered with Nifty Gateway to bring NFTs to compatible Samsung Smart TV sets.— LG Art Lab (@LGArtLab) September 5, 2022
Besides showcasing works of well-known artists, the LG Art Lab platform will also have artist profiles, countdowns to new NFT collections and news about future projects. Moreover, the transactions will be made through Hedera’s Wallypto wallet. The move is celebrated by Hedera’s founder, whose vision for the platform includes exclusive NFT collections from big names in the entertainment industry, such as Netflix (NASDAQ:NFLX) or Disney+.
Imagine Netflix or Disney+ airdropping rare collectible NFTs to LG TV users' Wallypto #Hedera accounts for watching certain TV shows or movies So many NFT uses and possibilities LG news is way bigger than what people imagine $HBAR #HederaNFT #HBARNFT #HelloUtilityOn the Flipside— $HBAR to the Moon (@hbar_to_moon) September 6, 2022
- Despite quicker retail adoption, the NFT market is facing less revenue, as trading volume on the leading marketplace OpenSea dropped to yearly lows. Moreover, the most expensive NFT collection of all time, the Bored Apes, have to deal with liquidation on BendDAO.
Why You Should Care
Partnerships like this can expedite blockchain adoption, as LG Art Labs seeks to bring NFT trading to the comfort of one’s home. Smart TVs can be great for showcasing digital NFT art, as the picture quality and screen size is more suitable than a regular computer screen.
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