After Samsung, LG Electronics is the second consumer electronics manufacturer to enter the world of non-fungible tokens (NFT). A marketplace with a community character aims to bring LG customers closer to the subject. The Koreans have even created their own crypto wallet.
NNot much is happening on the just-launched NFT platform LG Art Lab (website), but the first NFT drop is announced on September 22nd. Works by digital sculptor Barry X Ball kick things off, and from now on there will be new offerings every month, including by other artists. The idea behind this offer: the NFTs must be displayed on the televisions – the TV screen and the digital artworks replace the screen and frames of physical paintings in the apartment.
For now, only US customers have access to the platform. It can be accessed via smart TVs that have at least version 5.0 of webOS, LG’s TV operating system. You can buy and sell NFTs through the platform.
The technology behind LG Art Lab
Payment is made on the LG NFT platform with digital dollars, the cryptocurrency USDC. The transactions are carried out via a crypto-wallet specially created by LG, whose name is derived from “wallet” and “crypto”: Wallypto. There is a separate app for this. If an NFT is to be purchased, the interested party scans the corresponding QR code on the television with their smartphone and completes the purchase with the Wallypto payment.
The platform, including the wallet, relies on Hedera’s Hashgraph technology. This is not a blockchain ie. linearly linked transactions, but a system of distributed linked transactions. This should on the one hand enable multiple transactions at the same time and on the other hand be significantly more energy efficient, also compared to blockchains based on the proof-of-stake process (PoS). Additionally, Hedera touts being the first “carbon negative” crypto platform. The operator wants to achieve this by purchasing climate certificates, which are acquired quarterly and must overcompensate for the calculated CO2 footprint.
According to media reports, a stronger commitment to blockchain technologies was decided at LG’s shareholder meeting in March. LG has been one of Hedera’s backers since 2020, along with IBM, Google and Deutsche Telekom. The crypto platform already operates its own NFT marketplace, Hash Axis, which has yet to gain much traction in the NFT market.
Many people have heard of NFTs and want to participate in the growing ecosystem, but getting started can be complex and difficult. LG Art Lab aims to enable millions of users across the US to easily access and view NFTs without having to code themselves or interact directly with a blockchain.”
Chris Jo, Head of Platform Business at LG Electronics
Samsung did it
Samsung had already announced a similar project at the beginning of the year. The group, which like LG hails from South Korea, announced a partnership with Nifty Gateway in March (website). Right from the start, Samsung customers were to have access to over 6,000 artworks, including from artists such as Beeple, Daniel Arsham and Pak. Transaction fees should not be incurred on this platform. The function is integrated in Samsung smart TVs from the QLED and Neo QLED TV lines, as well as in micro-LED devices. Samsung’s “The Frame”, a television with the appearance of a picture frame, also accesses the NFT platform and can then present the digital art like a painting.
In addition, Samsung is pursuing a broader strategy of connecting the real and virtual worlds in its home country. For this purpose, a collaboration was entered into with Theta Networks under the title “New Galaxy NFT Project”. Partner NFTs were given away as a bonus for pre-orders of Samsung’s flagship mobile devices, the Galaxy S22 and Tablet S8, in February. Conversely, buyers of the Theta NFTs will receive discounts when purchasing these Samsung devices at certain retail locations. hello