LG Electronics unveils LG Art Lab NFT platform

LG Electronics has launched its own non-fungible token (NFT) platform, LG Art Lab.

Now available in the US on the company’s TVs running webOS 5.0 or later, and accessible directly from the home screen, this enables users to buy and sell digital artwork.

It includes an LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform. Meanwhile, the real-time Live Drops countdown ensures users never miss an opportunity to acquire a ‘just dropped’ NFT. 

The platform is based on the Hedera network and incorporates onscreen QR codes that let users complete transactions via Wallypto, the company’s cryptocurrency wallet for smartphones.

Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can view transaction history, while in My Collection they can look at their owned artworks.

The first artist to be launched on LG ART LAB will be American sculptor, Barry X Ball.

Christian Hasker, CMO at Swirlds Labs, the team behind the Hedera network, says: “The Hedera Governing Council is made up of some of the world’s most innovative companies, from a diverse range of sectors and geographies.”

“Each member is committed to the development of Hedera and to launching competitive use cases on the sustainable, low cost, and enterprise grade public ledger.”

“Today’s announcement by LG is an impressive milestone for council member adoption, with LG providing access to sustainable NFT artworks in millions of living rooms in the US.”

“Users will be able to purchase, access, and display tokenized artworks by their favorite artists on their LG televisions, bringing NFTs beyond being computer-based collectibles and toward becoming a piece of art displayed as any other artwork would be within the home of its owner.”