LG Selects Hedera Blockchain for its Television NFTs
September 5, 2022 6:53 AM
A member of The Hedera Governing Council since 2020, the above consumer electronics giant is using the Hedera network to offer NFTs to televisions.
A second consumer electronics firm is developing NFTs for use in televisions.
LG, based in South Korea, has announced the launch of LG Art Lab, a non-fungible token (NFT) marketplace that integrates with the Hedera Network. Owners of LG televisions running the most recent software can use their screens to buy, sell, and display their Hedera NFTs.
Samsung recently released an NFT marketplace on three of its TVs; Nifty Gateway is also supported by LG's latest efforts in this space. LG Art Lab will be exclusive to LG televisions. Thanks to LG's Wallypto mobile crypto wallet, users can make purchases simply by scanning a QR code.
LG's senior vice president and head of platform business, Chris Jo, told CoinDesk that the company's goal is to "make NFTs accessible for users looking to step into the space."
Incorporating NFTs into Hedera is a bit of a left-field decision. The thirty day trading volume of $36,000 on the Hedera NFT marketplace Hash Axis pales in comparison to Ethereum's $330,000,000 on OpenSea. Since LG has been a member of Hedera's Governing Council since 2020, this makes more sense for the company.
According to Shayne Higdon, CEO of the HBAR foundation, a group that provides resources to developers on the Hedera network, the Hedera blockchain is ideal for low-cost, low-carbon-footprint NFT transfers because of its energy-efficient consensus mechanism. However, competing networks are rapidly catching up; this month will see Ethereum, the market leader, switch to proof of stake.