LG releases its NFT platform!

Despite the collapse of the NFT marketplace, the sector continues to attract the covetousness of companies around the world. Today, it is the LG platform that is embarking on the adventure by deploying its own NFT marketplace! By this way, the Korean company joins another heavyweight of the high-tech industry: Samsung.

LG Art Labs is born!

Starting today, the NFT “Lg Art Labs” marketplace is available to owners of LG TVs running webOS 5.0. Initially, the marketplace will only be available in the United States. LG obviously hopes to quickly extend it to users worldwide.

To access LG Art Labs, it’s very easy. All you have to do is connect to the application from the home screen of your TV. Through the LG Art Labs, you will be able to buy, sell, but also exchange NFT directly from your living room. On this brand new NFT marketplace, transactions will be managed by Wallypto, LG’s crypto wallet developed by Hedera. The Hedera solution uses an alternative protocol to the blockchain. This system, called hashgraph, also allows a high efficiency of the system with a real energy efficiency coupled with very low transaction costs.

LG joins Samsung in the NFT race !

LG releases its NFT platform!

From now on, the two Korean companies have their own markeplaces. Last January, Samsung announced the launch of its NFT platform. An initiative that allowed Samsung smart TV owners to buy non-fungible tokens. Today, users of the NFT Nifty Gateway marketplace can buy, track or trade NFTs through their Samsung TV alone.

The two electronics giants are also very involved in investing in blockchain projects. A recent ranking by Blockdata placed both companies as members of the 15 largest investors in blockchain technologies. Samsung came fourth in this ranking with nearly $1 billion invested in 9 different projects. LG, on the other hand, came in at number 15, with a total investment of $129 million on two projects.

Make the NFT even more accessible!

Whether it’s Samsung’s approach or LG’s more recent one, the objective remains the same: to democratize access to NFTs. For customers, but also for artists.

For content creators, this kind of initiative allows to create more opportunities. If we know the biggest players like the Opensea platform, the increase in the number of marketplaces is necessarily beneficial for the NFT market. In LG’s approach, accessibility is a key notion. The use of the Wallypto wallet is supposed to simplify the purchase process. By scanning a QR code, the user will be able to easily purchase or exchange an NFT.

But the Art Labs intends to be much more than a simple marketplace. Indeed, the LG app will also include the “Drops” section supposed to share the release schedules of new NFTs. Thanks to this feature, users will be able to be informed about the addition of new digital works. Despite the drop in trading volume on the Opensea platform, it would seem that brands continue to believe in the opportunities that NFTs offer. While the market seems to be in the midst of a consolidation phase, only the strongest projects will survive.


By Yuan Su

Since 2009, the onset of the bitcoin network, Yuan Su has been covering the space. He is the author of Blockchain. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Asian Economics and how bitcoin is the world's preeminent money.