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LG’s NFT platform enables people buy and trade digital art

LG's_NFT_platform_enables_people_buy_and_trade_digital_art

LG Electronics announced today that LG Art Lab, a platform for non-fungible tokens (NFTs) that can be found, bought, sold, and traded on LG’s smart TVs, is now available.

The news comes almost eight months after LG Electronics said at a press conference that it planned to add NFT technologies to its smart TV. In the United States, LG TVs with webOS 5.0 or later can now go straight to the platform from the home screen.

LG Electronics and the Hedera network worked together to make an app that lets people buy NFTs with LG’s crypto wallet for smartphones, Wallypto.

Chris Jo, senior vice president and head of platform business at LG Electronics, told TechCrunch that work on Wallypto, which is based on Hedera, has been going on since September 2021. The beta version of the wallet came out this week in August.

Hedera and LG Electronics started working together in 2020, when LG joined the Hedera governing council. Google, IBM, Deutsche Telekom, and the Indian Institute of Technology are also on the council.

“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,” Jo said. “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.”

The Drops feature on the NFT platform tells about artists and shows examples of their most recent work. Its real-time Live Drops feature sends notifications to users to help them get dropped NFTs so they don’t miss a chance.

Jo also said that users can trade on Hedera for less than $0.0001 cent per transaction (there are no excessive gas fees or hidden costs), which suggests that the NFT platform doesn’t have any hidden costs.

Jo pointed out that the Hedera Network uses a lot less energy than any other public ledger. “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.” Customers can buy, sell, and show off NFTs on the Hedera network without worrying about the high energy use that comes with other public networks, he said. He also said that, unlike many other decentralized networks, Hedera makes sure that users always pay a low, stable price.

South Korean companies that work in IT and entertainment are getting into the market for non-fungible tokens (NFTs). Samsung, a company that competes with LG, released its new NFT market strategy for smart TVs in January. Samsung has said that TVs like the MICRO LED and Neo QLED will get NFT capabilities.

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