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LG Electronics launches Art Lab NFT platform for users to trade digital artworks

Posting time:2023-02-02 05:30:07

LG Electronics launches Art Lab NFT platform for users to trade digital artworks

In partnership with the Hedera Network, LG Electronics has just announced a new non-fungible token (NFT) platform called "LG Art Lab" that allows webOS TV users to trade digital artwork. Initially, the platform will be limited to users of LG smart TVs running webOS 5.0 or later in the US market. Interested customers can access the LG Art Lab app directly from the home screen and support NFT transaction types such as discovery, purchase, and transfer. In fact, as early as about 8 months ago, LG Electronics had already announced such a feature. And through the latest cooperation with Hedera, current users can also buy NFTs through the Wallypto encrypted wallet on the smartphone side. Chris Jo, senior vice president of LG Electronics and head of the home entertainment platform business, said in an interview with the media that they have been actively developing the Wallypto service built on Hedera since September 2021. The beta version was launched in the last week of August, and the partnership between Hedera and LG Electronics dates back to 2020, when LG joined Hedera's governing board, which includes Google, IBM, Deutsche Telekom, and the Indian Institute of Technology . Chris Jo explained that while many people have heard of NFTs and want to participate in the growing ecosystem, the complexity has been a drag on its popularity. The launch of LG Art Lab is to facilitate millions of users in the United States to easily access and display NFTs without being constrained by complicated code or blockchain interactions. It is reported that the NFT platform provides a Drops feature that briefly introduces artists and shows previews of their new works. The real-time Live Drops feature also provides a notification service to help users understand which NFTs have been dropped on the market and ensure they don’t miss out on any potential opportunities. In addition, Hedera's transaction fees can be as low as $0.0001, with no high commissions or hidden other fees. Even better, the Hedera network consumes far less energy than any other public ledger, meaning it can meet the ESG needs of modern businesses and investors. Users can buy, present and sell NFTs on the Hedera network without worrying about the high energy consumption similar to other networks. At the same time, unlike many other decentralized networks, Hedera guarantees that users will only be charged a low and predictable service fee. Finally, major Korean IT and entertainment companies are actively participating in the NFT industry. For example, in January this year, LG's old rival Samsung announced a new NFT market based on its own smart TV. According to the plan, Samsung said it will introduce NFT functions in TV product lines such as Micro LED and Neo QLED.

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