LG Electronics Wants To Support User Trade NFT With New Patent

Key Points:

• LG Electronics is attempting to get patent protection for television that allows users to trade NFTs.
• LG previously released an NFT marketplace called LG Art Lab, which was deployed on Hedera.

LG Electronics is attempting to get patent protection for television that allows customers to exchange non-fungible tokens (NFTs).

The gadget would be able to connect to an NFT market server, receive and show preview artwork, and fulfill purchases using the user’s crypto wallet, which would be linked to the TV.

LG’s decision to apply for a patent indicates that the company foresees continued customer demand for NFTs in the future and sees a commercial rationale for making them more accessible.

In an official statement, LG Electronics said that its future business ambitions include the creation and distribution of blockchain-based technologies, as well as the trading and brokerage of crypto assets.

LG Electronics started introducing NFTs to its Televisions last September with the launch of its Art Lab marketplace, which was linked to the Hedera Network, of which LG has been a node operator since 2020. LG has also openly announced its intention to incorporate NFT into its smart TV range. LG Art Lab is presently only accessible to US customers with webOS 5.0 or later Televisions.

Moreover, LG Electronics has collaborated with Hedera to build an exchange application that allows users can quickly purchase and trade NFT using Wallypto, LG’s cryptocurrency wallet for smartphones.

During the market slump last year, LG Electronics aggressively recruited engineers for its chief technical officer (CTO) division to oversee the company’s burgeoning Web3 business.

The South Korean company is not the only one to see a potential to introduce NFTs to Televisions. When it comes to LG’s premium rival, Samsung, this large guy also makes substantial movements on a regular basis. For example, the decision to construct the industry’s first smart NFT TV platform in collaboration with Nifty Gateway, or the introduction of the Samsung Wallet digital wallet… The most recent major action is to ask for permission to open a cryptocurrency exchange in the first half of next year.

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Harold

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