LG Launch Its Own NFT Marketplace; LG Art Labs

Farah Diana Patcha . September 06, 2022

Photo: lg.com

Techspace - On September 5, one of South Korea’s electronic giants, LG, just launched its first owned non-fungible token (NFT) marketplace, the LG Art Labs. LG users who are interested in NFT now can do NFT sell, buy, and trade transactions inside LG's smart TVs which run a webOS 5.0. system. With LG Art Labs, LG allows people to do their NFT transactions comfortably at home.

Cited from Techcrunch, LG Art Labs aims to develop an easy-to-use NFT marketplace for people who are not having basic knowledge of the blockchain world. “While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started. LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs without having to interact with code or directly with a blockchain themselves,” Chris Jo, the Senior Vice President of Head of Platform at LG Electronics said to Techcrunch. 

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As for the new NFT collection, it will be displayed with a Drops feature that will show the creator’s new artwork preview. Thus, people will not miss the drop date since the platform will give a notification about the new NFT drop before d-day. 

In order to create this feature, LG teamed up with Wallypto, LG’s in-app crypto wallet established by Hedera Network. Wallypto was created back in September last year, and the beta version of this cryptocurrency wallet was released in August. All the transactions happening in LG Art Labs will be managed by Wallypto.

Besides, Wallypto as a Hedera Network’s product also was chosen for this project because of its transaction efficiency. Jo stated that one transaction in Wallypto only cost less than $0.0001 cent, without any hidden cost and high gas fee. Thus, people who use LG Art Labs to purchase NFT will save their gas fee and other costs. 

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“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors,”  Jo commented on this partnership. He also said that Hedera Network promised a low, predictable fee for users, and low energy consumption platform, contrasting from the other decentralized networks. 

This is not the first collaboration of LG and Hedera network. In 2020, LG partnered with Hedera, when the giant company decided to join Hedera’s governing council along with Google, IBM, Deutsche, Telekom, Ubisoft, and other tech companies. Hedera governing council is an organization focused on the Web 3.0 decentralization innovation system. 

NFT as a digital asset is really popular among people, especially those who are tech-savvy. Because of this digital collectible trend, many sectors created features related to NFT, especially NFT marketplace, like what LG creates now. 

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The announcement of LG's plan to add NFT marketplace on their Smart TV product was announced back in January this year at a new product press conference. Previously, its competitor, Samsung, also announced its plan to add the NFT marketplace on Samsung TVs such as MICRO LED and Neo QLED 2022 series. In addition, Samsung successfully collaborated with Nifty Gateway, a NFT marketplace, to establish the NFT feature. 



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