LGTV users can now purchase and sell non-fungible tokens with L.G. Electronics’ newest platform, LG Art Lab. The company announced the implementation of NFTs in January of this year for U.S. users. The television will require the latest O.S. of at least 5.0 and direct accessibility of the screen.
L.G. collaborated with Hedera Network to integrate Wallypto, LG’s crypto wallet. In an interview with Techcrunch, L.G. Electronics Senior Vice President Chris Jo said, “Wallypto, built on Hedera, has been developing since September 2021.” The beta edition was released in August 2022. This partnership has been going on since 2020 to prepare for the future of entertainment.
Jo claims that the LG Art Lab will simplify the purpose and accessibility of NFTs to the mainstream crowd. “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”
Preparing the World into Blockchain Integration in Streaming
LG Art Lab will include an exclusive “Drops” feature showcasing artists and their pieces. It works in real-time to alert users of the latest releases from the artists and to ensure that they can buy the NFTs for the lowest possible prices before the supplies shorten.
The Hedera Network lets users purchase for less than $0.0001 without gas fees or other hidden costs. It is somehow a breakthrough in NFT transactions because payments usually involve extra costs and problems with gas fees. According to Chris Jo, unlike other networks, users can transact and show off their owned NFTs on Hedera without energy consumption issues.
According to L.G. Newsroom, not only will the new smart T.V.s include NFTs, but they will have diversified features to meet specific expectations, including gaming and movie streaming. These features include the first 8K OLED TV now with an installed NVIDIA GeForce RTX 30 Series GPU – a top-of-the-line graphics card for P.C. players. “With its one millisecond response time, low input lag, and up to four HDMI ports supporting multiple HDMI 2.1 features, it’s no surprise that LG OLED is the ideal choice for console and P.C. gaming fans.”
The latest lineup will also provide a picture mode that will “adapt” to the owner’s preferences and include ergonomic choices for more comfort. “LG OLED TVs are unique in their ability to match the colors in the source content and express all colors accurately regardless of how bright or dark the displayed images may be.”
Companies Stepping Up on NFTs for a New Kind of Entertainment Value
L.G.’s move into the NFT space aligns with their biggest competition, Samsung. In January 2022, Samsung elaborated its first-ever NFT marketplace for the following lineups of its smart T.V.s. The latest screens will now include Neo QLED and MICRO LED for the most vivid and crisp displays since the introduction of 4K for home entertainment systems.
This time, the new Samsung televisions will allow the users to buy, sell and display NFTs in its exclusive real-time platform.
Not only do home entertainment companies want to dive into the NFT space, but the gaming and music industries have shown interest in applying blockchain to provide more benefits directly to the creators than to the mediators.
NFTs are still controversial among people for their actual usage and environmental impact. Yet, corporations are now beginning a “test phase” to see if digital assets will naturally adapt to the everyday living of an average consumer.
Even with the bearish movement of cryptocurrencies, large companies are investing billions of dollars in implementing their digital products into the new world of Web3. Only time will determine the answer to whether or not NFTs are just a fad or are indeed the next level of consumerism.