Tuesday, December 6, 2022
HomeNFTLG Electronics launches NFT platform on ⁦Hedera network

LG Electronics launches NFT platform on ⁦Hedera network

South Korea-based digital manufacturer LG Electronics has launched a new NFT platform in collaboration with Hedera blockchain.

According to the LG Electronics blog post on September 5, the LG Art Lab platform would let customers purchase, trade, and display digital artwork or non-fungible tokens (NFT) on their televisions in collaboration with Hedera network.

The Seoul-based leading television corporation has joined the top companies that are adding value to the NFT area with this latest step. The corporation also said that LG Art Lab is accessible in the US on televisions running webOS 5.0 or later.

The portal also provides users with a countdown to impending NFT releases for artists as well as a glimpse of their artist profiles and upcoming work. Trading can take place in its marketplace. The transactions will go through Wallypto, a smartphone cryptocurrency wallet that LG has trademarked, and the Hedera network supports LG Art Lab.

According to the reports,  LG Electronics is establishing Wallypto as part of its aim to broaden the scope of its company to encompass platforms and technologies. The IT company will be assisted by Wallypto as they really join the blockchain or NFT sector.

The release states that by integrating blockchain technology with established flagship industries like home appliances and the electric industry, “it is also expected to actively produce synergistic effects.”

NFTs will now move “beyond being computer-based collectibles and toward being a piece of art displayed like any other artwork would be within the house of its owner,” according to Christian Hasker, CMO of Swirlds Labs, the company that developed Hedera.

Earlier this year, LG made it known that it intended to broaden the scope of its corporate mission to encompass emerging industries such as blockchain, cryptocurrencies, and medical devices.

Shareholders approved these modifications at the company’s Annual General Meeting (AGM), which took place in March. The company’s expanded goals now include the creation and marketing of blockchain-based technologies in addition to the trading and retailing of cryptocurrency.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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