LG Uses Hedera Blockchain for NFT Marketplace

LG is ready to allow TV owners to view and purchase NFTs from the couch. With the newest platform based on the Hedera blockchain, users will be able to discover, buy, sell and trade NFTs on LG’s smart television sets. “Life’s Good” Art Lab will also include on-screen QR codes to enable users to complete transactions with the help of the company’s Wallypto crypto wallet for smartphones, also built on Hedera.


Collaboration of LG-Hedera

“Life’s Good” first hinted at its plans to incorporate NFT features into its smart TV at a press conference earlier this year. Confirming the development, Hedera tweeted,

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“Governing Council Member LGElectronics has launched LG Art Lab – built on Hedera – enabling LG TV owners to buy, sell and showcase #HederaNFTs from their screens. All LG TVs running webOS5.0 will be able to interact with the Life’s Good Art Lab app. #HelloFuture.”

The move to Hedera for NFT integration came naturally when the South Korean television company first joined the Hedera Governing Council in May 2020. During this time, “Life’s Good” was the only home appliance manufacturer, some of whom were members of parliament. this includes, among others, Google, IBM, Deutsche Telekom and IIT.

The collaboration was primarily aimed at determining whether distributed ledger technology could benefit consumers and supply chain partners by facilitating seamless transactions.

Technology Companies are Touching the NFT Field

LG’s NFT breakthrough follows rival Samsung Electronics, which unveiled plans for potential NFT integration in its new TVs at the CES show in January this year. Three months later, it added NFT functionality to its smart TV sets. According to the announcement, Samsung aimed to collect data from multiple marketplaces and provide information about the artwork, thereby becoming the first electronics company to deploy NFTs in TV sets.

For the venture, the tech giant has partnered with Nifty Gateway, an Ethereum-based marketplace founded in 2018 and later acquired by crypto exchange Gemini.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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