LG is launching LG Art Lab, a non-fungible token (NFT) platform that connects to the Hedera Network, which LG endorses. Owners of televisions with the most current software from LG will be able to purchase, resell, and display their Hedera NFTs through their displays.
Following Samsung’s launching of an NFT marketplace onto three of its Televisions, all of which are enabled by Nifty Gateway, LG has entered the NFT market. LG Art Lab is exclusive to LG televisions. Using LG’s smartphone cryptocurrency wallet Wallypto, users may link their wallets and acquire assets by simply scanning a QR code.
LG’s Senior Vice President and Chief of Platform Business, Chris Jo, said that the platform has plans to ensure that NFTs are easily accessible to newcomers.
The selection of Hedera for an NFT connectivity is not evident. Hash Axis’ $36,000 trade volume pales in compared to Ethereum’s $330 million transaction volume on OpenSea, as per statistics from the last 30 days. Since LG has been a member of Hedera’s Governing Council for the last two years, this seems more logical.
Shayne Higdon, CEO of the HBAR foundation, an institution that supports programmers on the Hedera platform, told CoinDesk that Hedera’s energy-efficient protocol makes it an excellent blockchain for low-cost NFT transactions with a small carbon imprint. Nevertheless, other blockchain networks are keeping close tabs; this month, the crypto market pioneer Ethereum will switch to proof of stake (PoS) mechanism.