| Key Points: – LG Art Lab will officially close on June 17, with all NFT purchases halted since March 10 and user assets to be transferred by April 30. – The decision reflects the broader decline in NFT interest and trading activity, prompting LG to reassess its digital strategy and explore new opportunities. |
LG Electronics will shut down its NFT platform, LG Art Lab, on June 17, marking the company’s retreat from the once-booming market for digital collectibles.
The move, confirmed through a notice on the platform’s website, underscores the broader industry trend of reassessing commitments to non-fungible tokens amid waning consumer interest and declining trading activity.
LG Art Lab NFT Platform Will Be Shut Down in June
Launched in 2022 during the peak of the NFT craze, LG Art Lab allowed users to buy, sell, and display digital artwork directly through their LG smart TVs. The platform initially ran on the Hedera network—a blockchain alternative using hashgraph technology—but expanded to Ethereum in 2023 to broaden its reach.
Users could purchase digital artworks by scanning QR codes and completing transactions through Wallypto, LG’s proprietary crypto wallet. The app featured what LG called “groundbreaking” NFT drops, offering high-quality digital art experiences from the comfort of home.
However, as of March 10, LG disabled all purchasing functions on LG Art Lab. The company announced it will automatically transfer users’ NFTs to their personal wallets by April 30. In a statement, LG said:
“As the NFT space continues to evolve, we believe it is the right time to shift our focus and explore new opportunities.”
LG emphasized that the decision aligns with a broader strategic reassessment of its involvement in emerging digital technologies. While the company has been active in exploring the metaverse—partnering with firms like Oorbit and Pixelynx to bring cloud-streamed virtual experiences to its smart TVs—it has not clarified whether it will continue such efforts following LG Art Lab’s closure.
Tech Giants Reevaluate Digital Collectibles Amid Market Slump
The decision comes amid a noticeable decline in the NFT market. Once hailed as a revolution in digital ownership, NFTs saw explosive growth during the COVID-19 pandemic but have since struggled to maintain momentum.
According to data from NFT Price Floor, even top-tier collections like CryptoPunks, Bored Ape Yacht Club, and Autoglyphs now see limited daily trading, with Pudgy Penguins emerging as one of the few exceptions.
LG’s exit mirrors a wider industry contraction. In recent months, Kraken shuttered its NFT marketplace to reallocate resources, and Nike’s NFT startup RTFKT was also dissolved in late 2023. With LG stepping back, attention now turns to Samsung Electronics, which runs a similar NFT service through its smart TVs.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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