The marketplace, accessed from the TV home screen, allows users to buy, sell, and trade non-fungible tokens (NFTs) from the comfort of their homes.
NFTs are blockchain-tokenized representations of non-fungible assets, which means they are one-of-a-kind and cannot be replaced. Art and antiques are frequently non-fungible in the physical world; similarly, NFTs typically represent digitized artworks or collectibles on a blockchain ledger.
Wallypto, LG’s in-app crypto wallet developed by the Hedera network last September, handles transactions on Art Labs. Hedera employs hashgraph, an alternative distributed ledger system (DLS) to blockchain that boasts top speeds, high-functionality smart contracts, high energy efficiency, and transaction costs fractions of a penny.
On August 12, this year, LG filed a patent application for Wallypto. Hedera and LG first collaborated in 2020, when LG joined Hedera’s governing council alongside Google, IBM, Deutsche Telekom, and Ubisoft.
LG Electronics enters the NFT race
LG Electronics isn’t the first Korean television manufacturer to incorporate NFT trading into the TV experience.
In March of this year, Samsung announced a partnership with NFT marketplace Nifty Gateway to create a new NFT marketplace for Samsung TV owners. Users can view, buy, trade, and display NFTs via a smart TV interface, which was first announced in January. The Samsung NFT Platform will be supported on models of Samsung’s MICRO LED, Neo QLED, and The Frame TVs released in 2022.