LG Electronics launches NFT marketplace on the Hedera blockchain

The platform is available in the US on televisions running webOS 5.0 or later

05.09.2022 - 10:50

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What’s new? LG Electronics, a home appliance company based in South Korea, has launched LG Art Lab, an NFT marketplace on the Hedera blockchain. Through the platform, customers can buy, sell and display non-fungible tokens using LG televisions. LG Art Lab is available in the US on televisions running webOS 5.0 or later.

LG’s press release

What else is known about the marketplace? Users can make transactions using QR codes and LG’s smartphone crypto wallet, Wallypto.

The LG Art Lab Drops feature is also available on the marketplace, which allows users to view artist profiles and their work. In addition, Live Drops alerts users about upcoming NFT “drops.” In the coming weeks, the first digital artworks of sculptor Barry X Ball’s “Metal” and “Stone” series will be available on the platform through the LG Art Lab Drops feature. Works by other artists will be added monthly.

What is known about Hedera? It uses directed acyclic graphs (DAGs) without grouping operations into blocks. This technology makes it possible to achieve high performance (up to 10 000 transactions per second (TPS)) and stable energy efficiency, the developers say. The blockchain’s native token is HBAR. As of September 5, 10:45 UTC, the asset is trading at $0,6, down by 0,66% per day, according to cryptocurrency exchange Binance.

In January, LG and Samsung announced NFT enabled TVs. In addition to the purchase and display features, users can explore the history of NFTs and blockchain metadata.

On March 24, LG announced its entry into the digital assets and blockchain market. The company plans to start brokerage and cryptocurrency trading, as well as the development and sale of blockchain-based software.

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