LG Electronics Inc. has joined the cryptocurrency bandwagon by introducing a nonfungible token platform within certain smart TV models. This platform enables users to “purchase, trade, and enjoy high-quality digital artwork” while they are watching.
LG TVs running webOS 5.0 or later can only access the LG Art Lab marketplace in the United States. However, the app can be added to the TV’s home screen, buy Spotify Plays and art NFTs can be purchased.
I just downloaded the LG NFT app on my tv.
Yes, of course it's built on @Hedera.
— Jerry ℏ Falsetto (@JerryFalsetto) September 5, 2022
The LG Announcement: What Was It About?
As of September 22, the business will begin distributing digital artwork through the marketplace via “art drops.” The first drop will feature metallic NFTs by Barry X Ball. With its platform and marketplace, LG has partnered with Hedera Hashgraph LLC, a high-efficiency supplier of a “hashgraph,” an alternative to blockchain for NFT applications. Using Hedera’s hashgraph technology, blockchain technology becomes 100 times faster, 100 times more energy-efficient, and 100 times more secure than the most well-known NFT blockchains, like Ethereum, CoinJoin. With the Merge upgrade, Ethereum will cut energy expenses by almost 99% by the end of this month.
LG has good reason @CoinDesk to pick Hedera as the DLT for its NFT marketplace.
1) It's carbon negative
2) It has an accountable, transparent & decentralized governing body
3) It's transaction fees do not fluctuate (fixed $USD cost)
4) Hedera can scale without resorting to L2s https://t.co/zvArqmH6r1
— Coinman the HBARbarian (@BarHBARian) September 5, 2022
As part of Hedera’s governing council, LG joined in May 2020 and is now contributing to the software development plan.
Users can access the site by connecting their Wallypto cryptocurrency wallets to their smart TVs with QR codes. To purchase NFTs via TV, users must first acquire USD Coin, a stablecoin cryptocurrency that maintains parity with the US dollar. A few months earlier, Samsung started incorporating NFT artwork into its own 2022 TV range through a collaboration with Nifty Gateway, which LG followed up on.