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LG Electronics brings NFTs to the living rooms of the world

 


South Korean electronics giant LG is launching its own NFT marketplace “LG Art Labs”. The platform is aimed at US users who can now present and trade their digital art via the TV device. The world's largest TV manufacturer, Samsung, also claims a piece of the pie.


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. Internet-enabled devices now allow users to trade and present NFTs through the TV.


What users can expect...

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. With the simplest possible handling, LG offers its users uncomplicated access to new technologies.


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.”


According to crypto-Twitter, the LG wallet also opens up for trading beyond blockchains other than Hedera.

This inspires users...

The Hedera network convinced the world-renowned electronics manufacturer above all with low costs per transaction of less than 0.0001 dollar cents and very low energy consumption .


“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,” said Chris Jo, senior vice president and head of platform business at LG Electronics Home Entertainment Company .


How did Hedera convince LG?

LG attaches great importance to providing users with an affordable and environmentally friendly NFT platform. Because these two topics have been stirring up the crypto world for some time.


But the possible network effects and the project density of the Hedera Hashgraph Blockchain are also remarkable: The “ Hedera Global Governing Council ” includes major players such as Google, IBM, Deutsche Telekom, Boeing and Chainlink Labs. In this “most used, sustainable public ledger for companies in the decentralized economy” LG joined in 2020.


NFTs are conquering the living rooms of the world

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


"This application provides an intuitive, integrated platform for discovering, buying and trading digital artworks," announces the Samsung Newsroom.


It's only a matter of time before the competition catches up. With Samsung and LG, the two champions among TV manufacturers are venturing into the NFT space .


It becomes clear: The NFT market draws the attention of the technology sector! The biggest players are taking on the issue because the billion dollar market can no longer be overlooked. Despite falling prices, a crypto crash and mixed forecasts for the NFT sector, market leaders are investing in blockchain-based technologies.

The world's largest soccer association, FIFA, is offering a platform for NFT collectibles for the soccer World Cup with FIFA+ Collect .


“This exciting announcement makes FIFA collectibles available to every football fan and democratizes the ability to own a piece of the FIFA World Cup. Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favorite players, moments and more on new platforms,” said FIFA Chief Business Officer Romy Gai.


According to a FIFA report, FIFA+ Collect will be available on all web and mobile devices from launch . TV devices are not named. But there may be an important use case for LG and Samsung hidden here.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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