LG and Samsung Bring NFTs to Living Room TV Sets

LG Electronics and Samsung have started to incorporate NFTs into their TVs. Digital art is on the march into the middle of society, all across the world.

Non-fungible Tokens (NFTs) are attracting the attention of the world’s largest players in the TV market. South Korean electronics giant LG is launching its own NFT marketplace called LG Art Lab.

The platform is aimed at US users, who can now present and trade their digital art via the TV. The world’s largest TV manufacturer, Samsung, is also claiming a piece of the pie. They too will offer a TV whereby owners can display and trade NFTs.

The sixth-largest electronics manufacturer LG sells the most TV sets worldwide after Samsung. Nearly 1.7 billion people own a television – Samsung and LG claim 33% of the market.

LG Wallet

LG Electronics’ in-house crypto wallet is called “Wallypto” and handles NFT transfers via QR codes. This allows end users to both trade and admire their artworks directly from the screen. LG promises that users will find it uncomplicated and give access to new technologies effortlessly.

Advocates and followers of the crypto scene are looking forward to a bright future full of NFT applications.

According to Chris Jo, LG Art Lab was designed “to allow millions of users across the US to easily access and view NFTs without having to code themselves or interact directly with a blockchain.”

LG and Hedera Alliance

The Hedera network convinced the world-renowned electronics manufacturer into a collaboration by promising low transaction costs of less than 0.0001 cents, and very low energy consumption.

Chris Jo is the senior vice president at LG Electronics. “The Hedera network uses significantly less power than any other public ledger, making it an ideal choice. Users can buy, sell and view NFTs without worrying about high energy consumption.”

LG attached great importance to providing users with an affordable and environmentally friendly NFT platform.

The Hedera Global Governing Council includes major players such as Google, IBM, Deutsche Telekom, Boeing and Chainlink Labs.

Samsung and NFTs

As the largest electronics manufacturer in the world, Samsung is a technological pioneer. On January 03, 2022, Samsung announced it would offer an “NFT platform.”

Their newsroom said, “This application provides an intuitive, integrated platform for discovering, buying and trading digital artworks.”

Samsung and LG, being the two champions among TV manufacturers, are making it difficult for the competition to catch up.

Despite falling prices, a crypto crash, and mixed forecasts for the NFT sector, market leaders are still investing in blockchain-based technologies.

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