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Business

LG brings NFTs to its smart TVs




Just months after Samsung announced it was bringing non-fungible tokens (NFTs) to its TVs, now LG is doing the same. The company’s new NFT marketplace, called LG Art Lab, lets you “buy, sell and enjoy high-quality digital artwork” from your TV.

Currently, only US users with an LG TV running webOS 5.0 or later can access the app, which is available for download from the TV’s home screen. Through the portal, you can buy and sell digital works made available through LG’s NFT drops. The first of these drops is set to take place on September 22 and features a set of metallic-looking NFTs from sculptor Barry X Ball.

Since I happen to own a compatible LG TV, I downloaded and tried out the app for myself… and not much is happening there yet. The app is pretty empty, and there are no NFTs you can browse and buy right now (unless, of course, you want to watch a video of Barry X Ball̵[ads1]7;s upcoming NFT on loop, which I did while writing this article).

Would you watch it? NFTs on TV!
Image: LG

But when it’s actually an NFT you can buy from the platform, LG says you can scan the QR code displayed on the screen, then open the Wallypto app on your phone to complete the transaction. Before doing that, you need to buy USD Coin (USDC), a stablecoin that is meant to be pegged to the US dollar (and managed to maintain this peg when other stablecoins crashed).

LG’s NFT platform is built on Hedera, which describes itself as the “most widely used, sustainable, public corporate ledger for the decentralized economy.” Unlike the Ethereum or Solana networks that many popular NFT marketplaces support, the Hedera network does not operate on the blockchain – it uses a blockchain alternative, called hashgraph. LG is just one of several companies acting as a governing member of the Hedera network, with proponents of the system claiming it is faster and more efficient than trading on the blockchain.

LG says it’s going to continue adding NFTs from artists on a “monthly basis,” and that you’ll see any NFTs you buy from the LG Art Lab app. Just like Samsung is doing with the NFTs on the TVs, LG seems to be hoping users will display the NFTs on the TV when it’s not in use (which sounds like a few extra bucks on my electricity bill that I prefer not to use) .



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