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With the metaverse gaining immense momentum through NFTs and blockchain technology, LG and Oorbit are poised to disrupt the industry significantly.
Oorbit, a 3D cloud-based technology platform, has announced a strategic partnership with LG Electronics to bring immersive gaming to smart TVs. Through the partnership, LG and Oorbit users can access virtual concerts on Elynxir from Pixelynx and AI generative multiplayer games in Auxworld from Auxuman.
In a note through the announcement, Pooya Koosha, CTO and Oorbit cofounder, noted that the company has been developing hardware and software for the last decade to meet immersive gaming needs.
“Our proprietary technology is the connective tissue that links virtual worlds together and makes it easy for developers and brands to bring their experiences into the metaverse. Scaling our technology for millions of LG TV customers is the next step in making the metaverse accessible for all,” Koosha added.
Jung Sung-hyun, head of the content service division at LG Electronics Home Entertainment Company noted that the partnership with Oorbit is in line with its mission to bring entertainment to every user. With the metaverse gaining immense momentum through NFTs and blockchain technology, LG and Oorbit are poised to disrupt the industry significantly.
Furthermore, the South Korean tech giant has been in existence for decades and sold millions of quality devices worldwide.
— Oorbit (@OorbitOnline) January 4, 2023
Ash Koosha, CEO of Oorbit, noted in a statement. “Imagine playing with a map you bought for one game and taking that same item into a concert where it becomes your backstage pass. Translatable digital ownership is possible with virtual worlds that are connected through Oorbit.….”
LG and Oorbit Tap on Blockchain and Cryptocurrency Market
The cryptocurrency market has grown into a trillion-dollar industry within a decade of existence. Global tech companies are tapping into the blockchain industry to diversify their revenue collection avenues. Furthermore, blockchain technology has indicated an immense potential to disrupt global markets with ease.
As such, LG has increased its focus on cryptocurrency and blockchain technology in the past few years. For instance, the South Korean tech company officially updated its business development goals to include cryptocurrency and blockchain-based software in March 2022.
As one of the largest electronics companies, LG unveiled a cryptocurrency wallet dubbed Wallypto built on top of the Hedera Hashgraph blockchain and currently supports Hedera’s HTS tokens.
Notably, LG will be competing with other companies in the metaverse market including Samsung which announced similar intentions last year.
Oorbit, on the other hand, has attracted notable attention from several investors in the industry. For instance, Oorbit announced last year that it raised $5 million in funding for its metaverse platform from Mark Cuban, Deadmau5 company Pixelynx, and HOF Capital.