Oorbit, a cloud-based 3D technology platform, has announced a strategic partnership with LG Electronics to bring metaverse to smart TVs.
LG and Oorbit
Through the partnership, LG and Oorbit users will be able to access virtual concerts on Pixelynx’s Elynxir and artificial intelligence multiplayer games on Auxuman’s Auxworld.
— Oorbit (@OorbitOnline) January 4, 2023
In a release issued on the occasion of the announcement, Pooya Koosha, CTO and co-founder of Oorbit, noted that the company has been developing hardware and software to meet the needs of immersive gaming for a decade.
“Our patented technology is the connective tissue that binds virtual worlds together and makes it easy for developers and brands to bring their experiences into the metaverse. Bringing our technology to millions of LG TV customers is the next step in making the metaverse available to everyone,” added Koosha.
Jung Sung-hyun, head of LG Electronics Home Entertainment Company’s content services division, stressed that the partnership with Oorbit is in line with its mission to bring entertainment to all users.
“At LG, we pride ourselves on driving innovation and delivering new personalized experiences to consumers, allowing them to easily interact,” Jung Sung-hyun, head of LG Electronics Home Entertainment Company’s content services division, said in a statement. “We are thrilled to be able to do so once again thanks to Oorbit’s vision of providing open access to metaverse experiences in one place on our TVs.”
With the metaverse gaining immense momentum thanks to NFTs and blockchain technology, LG and Oorbit are poised to disrupt the industry in a big way.
Moreover, the South Korean tech giant has been around for decades and has sold millions of quality devices worldwide.
“LG has the vision and reach to help Oorbit make the metaverse more accessible to more people through its smart TVs,” says Ash Koosha, CEO of Oorbit, in a statement. “Imagine playing with a map purchased for a game and taking the same object with you to a concert, where it becomes your backstage pass. Translatable digital property is possible with virtual worlds connected through Oorbit. Our goal is for users to have access to unlimited streams of entertainment content through the devices they already own. Our partnership with LG will greatly accelerate our path towards this goal.”
LG and Oorbit bet on Web3
The cryptocurrency market has become a trillion dollar industry in a decade. Global technology companies are entering the blockchain sector to diversify their revenues.
For this reason, LG has increased its focus on cryptocurrencies and blockchain technology in recent years.
The South Korean tech company has officially updated its business development goals to include cryptocurrencies and blockchain-based software by March 2022.
LG and the Web3
LG unveiled a cryptocurrency wallet called Wallypto, based on the Hedera Hashgraph blockchain, which currently supports Hedera HTS tokens.
Notably, LG will be competing with other companies in the metaverse market, including Samsung, which announced similar intentions last year.
In September, LG announced LG Art Lab, a new platform that enables smart TV owners to purchase, exchange and view NFTs directly from the home screen.
In October, LG Electronics Business Solutions (LG) announced a global partnership with Portuguese non-fungible token (NFT) platform Fr0ntier X to offer world-leading NFT integrations and interactive experiences on LG webOS Smart Signage.
And more recently, LG will launch NFT-based digital shoes and the latest shoe care devices, Styler ShoeCare and Styler ShoeCase, at CES 2023.
Oorbit and Web3
Oorbit announced last year that it had secured $5 million in funding for its metaverse platform from Mark Cuban, Deadmau5, Pixelynx and HOF Capital.
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