It was not so long ago that Samsung thrust itself into the world of non-fungible tokens (NFTs). Hot on its heels, there has now been an announcement surrounding LG NFTs. This is LG offering its smart TV users the opportunity to buy, sell and display NFTs. Its new marketplace, LG Art Lab will become home to a host of high-quality digital artwork.
This move is another exciting one in terms of the development of NFTs. The ability to access these from your TV screen is another step towards increasing their popularity and opening them up to the masses.
Some restrictions to bear in mind
As it stands now, LG NFTs and the LG Art Lab are only accessible to those in the US. Of course, it makes sense that LG would look to trial its offering in a particular marketplace. The hope is, of course, that a successful launch will lead to this being rolled out across the world so that everyone stands to benefit.
As well as geographical restrictions, you’re also limited in terms of the TV that you’ll need. Only LG TVs that run webOS 5.0 or later can access the app that’s required to enter the LG Art Lab marketplace.
The first NFT drop
The LG NFT app can be downloaded from the TV’s home screen. Once you have this, you’re able to buy and sell NFTs that have been made available via LG’s NFT drops. We don’t have long to wait until the first drop takes place. On 22nd September there will be a set of metallic-looking NFTs that come from the sculptor Barry X Ball.
LG NFTs are easy to buy
While we’re still waiting for the first NFT to drop, there is plenty being said that suggests LG Art Lab has lots on the way. When the marketplace starts to fill up, LG has made it as simple as possible to go ahead and buy.
When you spot an LG NFT that you like, you just need to scan the QR code that appears on the screen. This will open the Wallypto app on your phone so that you can complete the purchase. You’ll need to ensure that you have USD Coin in your wallet before you can buy.
The use of Hedera
Whereas most NFT platforms are built upon Ethereum or Solana blockchains, the LG NFT platform is built on Hedera. What makes this different to other marketplaces is that Hedera doesn’t operate on the blockchain. What is used is an alternative to blockchain, known as hashgraph.
The decision to use Hedera makes perfect sense given that LG is a governing member of the Hedera network.
The LG Art Lab will see monthly additions from a variety of artists. Any LG NFTs that you buy will be viewable on your TV screen whenever you want them to be. This could well lead to digital artwork becoming almost like a screen saver or wallpaper for our screens when they’re not in use.