LG Electronics has announced it will incorporate non-fungible tokens (NFTs) technology in some of its smart TVs. This comes just a few weeks after a similar move by Samsung. LG has also floated a new NFT marketplace called LG Art Lab. The first artwork from the new NFT platform will come from sculptor Barry X Ball.
The service will be available from September 22, 2022, when the first artwork will drop. The app is accessible in the US market for LG smart TVs running on WebOS 5.0 or later. You can download the app from the TV’s home screen. Subsequently, users could be able to buy and sell artworks on the platform via NFT drops. The first drop features the metallic-looking NFT from Barry Ball. Users will use the USD coin stablecoin platform to purchase artwork on the app. The user will scan the QR code and open the Wallupto app on a smartphone to complete the transaction.
The LG NFT platform is built on Hedera which uses the hashgraph technology. Most platforms like Ethereum and Solana utilize Blockchain technology. It is claimed that hashgraph is faster and more efficient than Blockchain. LG says the NFT drops will be released monthly. There is no activity currently on the LG Art Lab and pricing details are lacking.
The app features a video of Barry X Ball promoting the upcoming NFT drop on 22 September. LG is silent on the availability of the LG Art Lab in other markets. The artwork can be displayed on the smart TV when not in use.
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