LG Electronics Submits Patent Application for Smart TV Featuring Blockchain May 14, 2023 May 14, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 14, 2023 by Kelly Cromley

LG Electronics Submits Patent Application for Smart TV Featuring Blockchain

A patent for a blockchain-based smart TV that would enable the trading of NFTs is being sought by LG Electronics, a South Korean consumer electronics giant. The details of the patent application were published on the database of the World Intellectual Property Organization (WIPO) on Thursday last week. The app explains how blockchain technology is integrated into a television in unique ways. The linking would involve the user’s cryptocurrency wallet and the server of an NFT marketplace. With a single click, consumers can trade NFTs.

QR codes are integrated into the television, allowing transactions to be quickly completed using smartphones. It is important to note that filing a patent application does not necessarily mean that LG Electronics will proceed with the development of this product. The permission for its construction has not been given yet and it is unclear whether LG still plans to build it. Considering that WIPO patent applications are made public 18 months after submission, LG Electronics may have lost interest in the idea, especially given the current drop in NFTs.

LG plans to incorporate blockchain technology into their products and services in various ways. The LG Art Lab Marketplace, built on the Hedara Hashgraph blockchain, was launched by LG in 2022 as their very own NFT marketplace. Wallypto, a mobile app crypto wallet for the Hedara network, was also created by them.

The most interesting Web3 project that LG is currently involved in is its collaboration with two cloud-based platforms called Pixelynx and Oorbit. Their plan is to integrate the metaverse into LG TVs. In addition, there are other major technology companies that are also incorporating blockchain technology. An NFT platform application is being integrated into Samsung’s upcoming smart TV lineup. Users will be able to view and trade NFTs using the application.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.