LG announced that it is joining Samsung in this innovation, so that users will be able to buy, sell, and display their digitally tokenized collectibles in their private living rooms.
As we have been informing NFTexpress readers about the progress in the adoption of NFTs, we are now joined by two powerhouses in the consumer electronics sector. The initial announcement of the implementation of this functionality was made by Samsung, and shortly thereafter South Korea-based electronics giant LG Electronics joined in.
LG had recently unveiled its mobile wallet for digital assets called Wallypto, but still in beta. Subsequently, the company said the move is a way to expand by combining blockchain with successful and traditional everyday businesses, such as the sale of home appliances, among others.
Regarding the LG brand, they are going to do it through a modality called“LG ART LAB“, which will allow users to buy, sell and enjoy their digital artwork from the TV itself.
Initially, its launch would be restricted to U.S. audiences, who own an LG TV that can run webOS 5.0 or some later version, in order to run the application.
The company that makes this possible is Hedera, recognized worldwide and has been facilitating thousands of users their insertion into the blockchain world for years. And this will be possible with the LG Wallypto wallet, so you can transfer your NFT from your wallet to your LG TV wallet.
The new space that will feature the latest versions of LG TVs, includes a function in which you can view profiles of famous artists, as well as previews of their upcoming works, functioning as a countdown for their next NFT to be released to the market.
The platform that will make all this possible is called LG ART LAB, through which NFT can be bought and sold. The first of the launches will be on September 22, when a collection of NFT by Barry X Ball will be presented.
The company noted that once there is an NFT that the customer can purchase through its specific platform, a QR code that appears on the screen can be scanned. After this, one must go to the Wallypto application (a wallet developed by the company LG), in order to finalize the last part of the transaction. Prior to this, one must have USDC, which is a stable cryptocurrency pegged at 1 to 1 parity with the dollar.
ABOUT HEDERA
LG’s NFT platform is based on Hedera, which as distinguishing features from Ethereum or Solana networks that support many NFT markets, Hedera does not operate on the blockchain; rather it uses an alternative called hashgraph.
LG is one of the multinational entities serving as a member of the Hedera network, and proponents of the system claim it is faster and more efficient than transacting on the blockchain.
LG’s own Wallypto wallet is also powered by Hedera, with which they have had ties since 2020, when LG joined Hedera’s Governing Board.
ABOUT SAMSUNG
This development comes on the heels of Samsung adding a similar NFT feature to three TV models: MICRO LED, Neo QLED and Lifestyle. Since the beginning of the year, owners of these sets have been able to purchase and exchange NFT from their TVs.
Events such as the incorporation of these two major companies worldwide, bring a higher level of security and confidence to thousands of users around the world, which also triggers an increase in the adoption of NFTs in all aspects.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express.