Wednesday, September 28, 2022

Electronics Maker LG Integrates NFTs, But There’s A Catch

Popular consumer electronics company LG has integrated non-fungible tokens (NFTs). The Korean-based firm follows in the footsteps of another TV giant Samsung, which earlier launched an NFT marketplace on three of its recent products, with support from Nifty Gateway.

LG Adds Support for NFTs

While LG’s move appears to mirror Samsung’s, its NFT integration is backed by the Hedera blockchain, an uncommon choice for such.  This means that LG will also be bringing NFTs to TV screens, but via the Hedera network.

To do this, the Korean-based LG is launching an NFT marketplace it calls the LG Art Lab. And on the marketplace, LG owners who have updated their TV software to the most recent one, may buy, sell, and display their Hedera NFTs.

Furthermore, LG Art Lab has also integrated the firm’s mobile crypto wallet Wallypto. That means that users may also effect transactions by just scanning a QR code to connect their wallets. Essentially, the LG Art Lab marketplace will only be accessible via an LG TV.

The Catch

As earlier mentioned, the Hedera choice for its NFTs might be a strategic move on the part of LG. This is because, considering the data from the past 30 days, Hedera NFT marketplace Hash Axis’ $36,000 trading volume is nowhere near Ethereum’s whopping $330 million trading volume on OpenSea. Nonetheless, LG has chosen Hedera for reasons that are not so vague. 

Firstly, LG has been on Hedera’s Governing Council since 2020. Also, the energy efficiency of the Hedera blockchain makes it an easy decision for anyone looking to make affordable and low carbon footprint NFT transactions.

So ultimately, while LG is promoting one of its own, it is also aiming to make NFTs more accessible for its users looking to delve into the NFT space.

Notably, the NFT market remains a shadow of itself and continues to lean close to the early 2021 lows. Data from CryptoSlam suggest that NFT sales volume in terms of US dollars across the Ethereum blockchain is down by over 99% from its May 1 all-time high of $628 million. It currently sits at around $6 million.

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