LG Electronics enters the NFT market

According to reports, LG Electronics officially announced LG Art Lab, a non-fungible token (NFT) platform that allows users to trade NFTs on LG’s smart TVs. About eight months ago, LG Electronics said in a press release that it planned to incorporate NFT functionality into smart TVs. Currently, the platform is only available in the US on those LG TVs running webOS 5.0 or higher. Users of these TVs can directly access them from their home screen. LG Electronics has partnered with Hedera Network to launch an app that allows users to buy NFTs through Wallypto, the crypto wallet for LG smartphones.

“We have been developing Wallypto on Hedera since September 2021,” said Chris Jo, senior vice president and head of platform business at LG Electronics Home Entertainment, “The beta version of the wallet was launched in August this year".

LG Electronics offers cheaper and seamless usage

The cooperation between LG Electronics and Hedera began in 2020, when LG Electronics joined the Hedera Council including Google, IBM, Deutsche Telekom, Indian Institute of Technology and others.

According to Jo, a lot of people know about NFTs and want to participate in the growing ecosystem. However, it is often too complex to start off and this discourages a lot of potential users. However, LG Art Lab makes it easy for millions of users in the US to access and Display NFTs. In fact, they do not have to interact with code or directly with the blockchain.

The NFT platform offers a Drops feature that provides artist profiles and displays previews of their new works. Its real-time Live drop feature provides notifications that can help users acquire dropped NFTs. This ensures that users don’t miss out on an opportunity. Jo also claims that Hedera allows users to trade for less than $0.0001 per transaction (no hidden costs). This means that users do not have to pay more on its NFT platforms.

"The Hedera network consumes significantly less energy than other public ledgers, making it ideal for sustainable initiatives. This means it can meet the ESG (environmental, social and corporate governance) requirements of modern businesses and investors,". Jo explains that users can buy, sell and display NFTs on the Hedera network without worrying about high energy consumption. He adds that Hedera guarantees cheap, predictable fees to users, unlike many other networks.