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A well-known consumer electronics company, LG chose the Hedera Blockchain to put NFTs on TV. This Korea-based unit is launching an NFT product called LG Art Lab. This product is connected to Hedera, a blockchain supported by LG. This product allows users updating to the latest version of LG to buy, sell, and showcase Hedera NFTs from their own screens.
This is LG’s foray into the NFT space after Samsung also entered this market. All are supported by Nifty Gateway. LG Art Lab will only be available on LG TVs. Users can link to LG’s Wallypto wallet to buy assets by scanning a QR code.
Chris Jo, Senior Vice President, Head of Sales of LG stated that the platform was developed to support users to be able to access the NFT space and for users who want to enter this space.
Hedera is not an obvious choice for NFT integration. According to data over the past 30 days, Ethereum’s $36,000 trading volume on the Hedera-Hash Axis blockchain is lower than Ethereum’s $330 million trading volume on the OpenSea platform.
However, the Hedera blockchain selection means a lot to LG as it has been on Hedera’s Board of Directors since 2020.
Shayne Higdon, CEO of the HBAR foundation, an organization that supports developers on the Hedera network, said that the network’s consensus mechanism makes it an ideal blockchain for transferring cheap and low-carbon NFTs.
This could help Hedera keep up with the market-leading Ethereum network with The Merge event scheduled for the middle of this month.
