LG announced that it has launched its own NFT platform called LG Art Lab, accessible directly from the home screen for U.S. users, which allows users to buy, sell and view NFT art.
LG Art Labs
The platform also includes the LG Art Labs Drops feature, which features artist profiles and previews new works coming soon to the platform, while the real-time Live Drops countdown allows you to purchase a “just dropped” NFT as quickly as possible.
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This announcement comes on the heels of unveiling its roll-up TV, the LG SIGNATURE OLED R, at The Gateway, an exclusive exhibition of NFT-based art and collectibles at Art Basel Miami last December.
For the exhibition, Christie’s collaborated with LG Electronics to install a series of LG OLED displays for celebrated NFT artists to showcase their work.
LG’s new platform is based on the Hedera network and incorporates on-screen QR codes that allow users to quickly complete transactions through Wallypto, the company’s cryptocurrency wallet for smartphones.
Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can easily view transaction history, while all of their owned artwork will be stored in My Collections.
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“Wallypto, built on Hedera, has been in development since September 2021,” Chris Jo, senior vice president, head of platform business at home entertainment company LG Electronics, told TechCrunch. “Its beta version of the portfolio launched this week in August.”
Jo said that although many people are eager to be part of the evolving ecosystem of NFTs, getting started with them can be difficult due to their complicated nature.
LG and Hedera
The partnership between LG and Hedera began in 2020 when LG joined Hedera’s governing board that includes Google, IBM, Deutsche Telekom and others. Each transaction on Hedera costs less than $0.0001, with no hidden costs.
Along with this announcement, LG also welcomes the first digital artwork by renowned sculptor Barry X Ball. Famous for reinterpreting classic and modernist sculptures using the latest 3D scanning and printing technologies, as well as traditional techniques, Barry X Ball now debuts in the NFT art world with his ‘Metal’ series digital works.
The first of these NFT masterpieces features the textures, details and materials – including precious metals and gemstones – used in the artist’s extraordinary sculptures.
It will be available through the platform’s LG Art Lab Drops feature in the coming weeks, and works from the “Stone” series and other artists will be added monthly.
LG is following in the footsteps of fellow South Korean electronics company Samsung by integrating an NFT marketplace into its smart TVs.
Jo further explained that the Hedera network consumes very little energy, making it the ideal choice for sustainable initiatives. In other words, it is ESG compliant for companies and investors. Without worrying about high energy usage, users can buy, sell and display NFTs on Hedera.
LG shared that the platform displays informative descriptions of the artworks, as well as short films showing the artists’ creative processes.
This will help users learn in detail about the NFTs they are interested in along with the creative minds behind them.
Users can not only follow and get to know each artist in the app’s profile picture, but will also be able to meet some artists at future LG-sponsored art events.
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