By
Bhushan Akolkar
February 27th, 2024
The new project also comprises a special feature that provides profiles of artists and gives excerpts of their artwork.
South Korean multinational firm LG Electronics, with its office at Yeouido-dong, Seoul has released a new Non-Fungible Token platform in collaboration with the Hedera Blockchain. The platform, officially named LG Art Lab will offer clients an exclusive way to trade virtual art as NFTs on their TVs, as per the recent announcement.
The news comes months after Samsung announced its recent project to introduce NFTs to its TVs. The initial plan is to introduce the NFT marketplace to users in the United States with an LG TV that operates webOS 5.0. Using the portal, one can trade LG’s NFT drops, where the first drop is scheduled for the 22nd of September. The theme of this drop is based on metallic-seeming NFTs from sculptor and internationally recognized American artist BarryXBall.
LG is not the first famous corporation to identify and develop a project out of the NFT space. The famous luxury brand Tag Heuer in June launched an instrument that allowed clients to display NFTs on the screen of a few smartwatches.
The new project also comprises a special feature that provides profiles of artists and gives excerpts of their artwork.
Senior Vice President and Head of Platform Business at LG, Chris Jo said in an email that the platform believes in allowing NFTs to become attainable to larger masses and offering them an exclusive space in the digital world.
Having said that, it must be acknowledged that a partnership with Hedera wasn’t one of the most obvious ones. Hedera NFT marketplace Hash Axis’ has a cumulative trading volume of $36,000 which is extremely small when compared to Ethereum’s $330 million trading volume on OpenSea. However, since LG has existed on Hedera’s Governing Council since 2020, it only figures for LG to opt for the blockchain. The Hedera network supports the new platform with exchanges via Wallypto. LG recently filed for a patent for the newly invested digital asset wallet code and is presently being beta tested for errors and crashes.
Hedera developer Christian Hasker, said that the new project will pull NFTs further to a space of not virtual memorabilia but of art represented as any other artwork in a household.
The association of Hedera and LG Electronics goes way back to 2020 when LG became a part of the Hedera governing council that comprised other big names such as Google, IBM, Deutsche Telekom, and the Indian Institute of Technology.
