Quick take:
- Users can buy, sell and view NFT art from the TV’s home screen.
- The platform includes a Drops feature that profiles artists a previews new work.
- The new NFT platform is built on the Hedera network.
LG announced today that it has launched its very own NFT platform called the LG Art Lab, accessible directly from the Home screen for users in the U.S., allowing users to buy, sell and view NFT art.
The platform also includes the LG Art Labs Drops feature which profiles artists and previews new works coming soon to the platform, while the real-time Live Drops countdown gives enables to acquire a ‘just dropped’ NFT as quickly as they can.
This announcement comes after showcased its rollable TV, the LG SIGNATURE OLED R, at The Gateway, an exclusive exhibition of NFT-based art and collectibles at Art Basel Miami last December.
For the exhibition, Christie’s collaborated with LG Electronics to install an array of LG OLED displays for celebrated NFT artists to showcase their works.
LG’s new platform is built on the Hedera network and incorporates onscreen QR codes that let users quickly complete transactions via Wallypto – the company’s cryptocurrency wallet for smartphones.
Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can easily view transaction history, while all of their owned artworks will be stored in My Collections.
“Wallypto, built on Hedera, has been developing since September 2021,” Chris Jo, senior vice president, head of platform business at LG Electronics home entertainment company, told TechCrunch. “Its beta version of the wallet launched this week in August.”
The partnership between LG and Hedera began in 2020 when LG joined the Hedera governing council that includes Google, IBM, Deutsche Telekom, and others. Each transaction on Hedera costs less than $0.0001 with no hidden costs.
Along with this announcement, LG also welcomes the first-ever digital artwork from well-known sculptor Barry X Ball. Famous for reinterpreting classical and modernist sculptures using the latest 3D scanning and printing technologies, as well as traditional techniques, Barry X Ball is now making his debut in the world of NFT art with his ‘Metal’ series digital works.
The first of these NFT masterpieces features textures, details and materials – including precious metals and gemstones – used in the artist’s remarkable sculptures It will be available via the platform’s LG Art Lab Drops feature in the next weeks, with “Stone” series and other artists’ works to be added on a monthly basis.
LG follows in the footsteps of its fellow South Korean electronics company, Samsung, in integrating an NFT marketplace in its smart TVs.
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