LG Selects Hedera Blockchain for Television NFTs

The consumer electronics giant, which has been a member of The Hedera Governing Council since 2020, is delivering NFTs to TV displays via a platform created on the Hedera network.

Another consumer electronics manufacturer is incorporating NFTs into television screens.

LG, based in Korea, is launching LG Art Lab, a non-fungible token (NFT) marketplace that connects to the Hedera Network, which LG supports. Television owners who have updated their sets to the most recent LG firmware will be able to buy, sell, and display their Hedera NFTs from their screens.

LG's forays into the NFT field come on the heels of Samsung's unveiling of an NFT marketplace on three of its TVs, all of which are supported by Nifty Gateway. LG Art Lab will only be available on LG televisions. Users can purchase assets by scanning a QR code to connect their wallets, which incorporates LG's mobile crypto wallet Wallypto.

According to Chris Jo, Senior Vice President and Head of Platform Business at LG, the platform intends to make NFTs more accessible to users interested in entering the space.

The choice of Hedera for an NFT integration is not evident. According to data from the last 30 days, the $36,000 trading volume on Hedera NFT marketplace Hash Axis pales in comparison to Ethereum's $330 million trading volume on OpenSea. LG, on the other hand, makes more sense: it has been a member of Hedera's Governing Council since 2020.

According to Shayne Higdon, CEO of the HBAR foundation, an organisation that supports Hedera network developers, Hedera's energy efficient consensus method makes it an ideal blockchain for cheap, low carbon footprint NFT transfers. Other networks, though, are catching up; industry leader Ethereum is switching to proof of stake this month.

By fLEXI tEAM