LG Electronics launches its NFT platform on the Hedera network

LG Electronics has launched its NFT platform - LG Art Lab, which will enable users to buy, sell and display digital artwork without needing to use computers or smartphones to access platforms that sell the NFTs.

The announcement comes just a day after Samsung’s stride into the NFT space with the release of an NFT marketplace for its smart TVs.

Moreover, in a press conference in the month of December, LG already spoke about its plans to bring NFTs to TVs.

LG in an announcement said, "LG’s new platform, based on the Hedera network, the most used, sustainable, enterprise-grade public ledger for the decentralized economy, makes buying and selling as simple as possible, incorporating onscreen QR codes that let users quickly complete transactions via Wallypto – the company’s crypto-currency wallet for smartphones."

"Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can easily view transaction history, while in My Collection they can admire all of their owned artworks. When displayed on the cinematic, 16:9 aspect ratio screens of LG’s TVs, NFTs come fully to life – especially on the company’s OLED TVs, which leverage self-lit pixels to deliver infinite contrast, inky blacks and exceptional color accuracy", the LG adds further.

LG’s new NFT features in smart television will start rolling out to all the TV sets running on the WebOS 5.0 or later in the US and will be directly accessible from the TV's home screen, according to LG, which added that the platform is a convenient, one-stop solution for the NFTs.

The Korea-based company has partnered with the Hedera, which it mentioned as the most used, sustainable enterprise public ledger for the decentralized economy. 

That said, unlike some other popular NFT protocols like Solana, or Ethereum, Hedera does not work on a blockchain. Instead, it uses an alternative known as Hashgraph, which claims to be faster and more efficient than a blockchain protocol.

It should be noted that LG is one of the governing members of the Hedera Network as well, along with Deutsche Telekom, Google, and IBM.