Market Analysis Report (05 Sep 2022)

Seoul-based television maker LG Electronics has launched a new non-fungible token (NFT) platform with the help of the Hedera blockchain. The platform, called LG Art Lab, will give customers a way to buy, sell, and display digital art in the form of NFTs on their televisions.

The new platform is available in the U.S. on televisions running WebOS 5.0 or higher, and includes a feature that offers profiles of artists and previews of their upcoming work, as well as countdowns to upcoming NFT “drops.”

The marketplace does not provide an NFT trading service. The Hedera network underpins the platform, with transactions running through LG-patented crypto wallet Wallypto.

LG isn’t the first large company to take advantage of opportunities in the NFT space. Swiss watchmaker Tag Heuer has, in June, announced a new tool that gave customers a way to display NFTs on the face of certain smartwatches.