• Mon. Jul 15th, 2024

LG Electronics launches its NFT platform on the Hedera network

LG Electronics has launched its nonfungible token (NFT) platform on the Hedera blockchain.

LG Electronics announced the launch of its NFT platform on Monday, September 5th. The NFT platform, called LG Art Lab, is on the Hedera blockchain and allows users to discover, buy, sell and trade NFTs on LG’s smart TVs.

This latest development comes eight months after the company announced that it planned to incorporate NFT features into its smart TV. 

LG’s NFT platform is now available to its customers in the United States and is exclusive to those with LG TV running webOS 5.0 or later and is accessible directly from the home screen.

LG Electronics announced that it partnered with the Hedera network to offer an app that allows its users to buy NFTs via Wallypto, LG’s crypto wallet for smartphones.

While commenting on this latest development, Chris Jo, senior vice president, head of platform business at LG Electronics home entertainment company, said;

“Wallypto, built on Hedera, has been developing since September 2021. Its beta version of the wallet launched this week in August. “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.”

LG Electronics first partnered with Hedera in 2020 when LG became a part of the Hedera governing council. The council includes other prominent names such as Google, IBM, Deutsche Telekom and the Indian Institute of Technology, 

Jo explained that;

“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. Users can buy, sell and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks. Furthermore, Hedera guarantees a low, predictable fee for users, unlike many other decentralised networks.”

The LG team said the NFT platform provides a Drops feature. The feature profiles artists and showcases their new artwork previews. Furthermore, the platform’s real-time Live Drops feature gives notifications to help users acquire a dropped NFT to ensure they do not miss an opportunity.

The team chose Hedera because the blockchain enables users to transact for less than $0.0001 cent per transaction (with no high gas fee or hidden costs). Hence, there are no hidden costs associated with using the LG NFT platform. 

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