LG Partners With Hedera For The Production Of TV NFTs
- The consumer electronics company LG plans to release an NFT collection after seeing competitors and other firms dive into the crypto and digital assets’ world.
- The Korean-based firm will also launch a new non-fungible token (NFT) marketplace called LG Art Lab based on the Hedera Blockchain.
There is a continued interest rising in the NFT industry as more and more firms release their non-fungible token collections, which are blockchain-based images, videos, and more. Moreover, many major corporate entities like Gucci, Lamborghini, Nike, etc. have released their own NFT collections recently and this sees to be just the tip of the iceberg as consumer electronics company LG also plans to release an NFT collection.
The Korean-based firm will also launch a new non-fungible token (NFT) marketplace called LG Art Lab based on the Hedera Blockchain and interestingly, the firm has also been a part of the Hedera Governing Council since 2020.
With the new marketplace and a new NFT collection, the Korean firm will allow the buyers of their latest televisions updated with the latest software version to view, buy, and sell NFTs along with showcase their own NFTs from their television screens.
Moreover, the owners of the television from LG will only be able to access the NFT marketplace and there will also be the option of scanning a QR code to connect their wallets to complete NFT purchases. This will incorporate the firm’s own mobile crypto wallet Wallypto.
Chris Jo, Senior Vice President, Head of Platform Business at LG, said in a report that the plan is to make crypto and NFT easily accessible to the people who are interest in the space and want to embark their journey in the industry.
Additionally, this step taken by the consumer electronics company comes after it recently witnessed Samsung, another Korean multinational manufacturing conglomerate, incorporate NFT marketplace on three of its TVs which were all supported by Nifty Gateway. According to Samsung, the new innitiative will feature an “intuitive, integrated platform for discovering, purchasing and trading digital artwork through MICRO LED, Neo QLED and The Frame,” which were three new TV models launched earlier this year.
While NFTs have become increasingly popular recently, there are also several drawbacks with these digital assets. Recently, the NFT collection of NFT watch dog Rug Pull Finder was exploited in which the attackers took advantage of a flaw in the code of the launch. The collection, titled Bad Guys, was a collection based on attackers stealing NFTs.