LG has launched a new NFT marketplace, called LG Art Lab, which lets you “buy, sell and enjoy high-quality digital artwork” from your TV. This comes just months Samsung announced a similar concept, which is also coming to its TVs. At the moment, the service is only available in the US, but it is expected to roll out to other markets soon.
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The service is live on LG TVs running webOS 5.0 or later though a dedicated app which is available directly from the home screen. Through the portal, you can buy and sell digital works made available through LG’s NFT drops. The first NFT drop on the platform is set for the 22nd of September, which features a set of metallic-looking NFTs from sculptor Barry X Ball.
Once there is a decent selection of pieces on the platform, LG says you can scan the QR code that appears on the screen, and then open the Wallypto app on your phone to complete the transaction. The sale of these NFTs requires the use of a stablecoin called USDC (or USD Coin), which is pegged to the US Dollar in value. While other supposed stablecoins crashed during the recent cryptocurrency rout, USDC remains stable.
LG’s NFT platform is built on Hedera, which describes itself as the “most used, sustainable, enterprise public ledger for the decentralized economy.” Unlike the Ethereum or Solana networks many popular NFT marketplaces support, the Hedera network doesn’t operate on the blockchain — it uses a blockchain alternative, called hashgraph. LG is just one of the several corporations that serve as a governing member of the Hedera network, with proponents of the system claiming it’s faster and more efficient than transacting on the blockchain.
LG will be adding new NFTs from various types of artists on a “monthly basis.”