The Hedera network platform is being used by the consumer electronics company to bring NFTs to TV screens. Another company in consumer electronics is adding NFTs to TV screens.
LG Art Lab, a marketplace for non-fungible tokens (NFTs) is being released by LG Korea. It plugs into the Hedera Network which LG supports.
TV owners who have their sets updated to the most current LG software will now be able sell, buy and display their Hedera NFTs directly from their screens.
LG enter the NFT marketplace
LG’s steps into the NFT space are in line with Samsung’s release of a NFT marketplace on three TVs. All three TVs are supportedNifty Gateway. LG TVs will be the only place where LG Art Lab is available. LG Wallypto’s mobile crypto wallet allows users to purchase assets by scanning a QR Code and connecting their wallets.
In an email, Chris Jo, Senior Vice President and Head of Platform Business at LG, stated that the platform intends to make NFTs available for anyone who wants to enter the space.
Hedera Blockchain is an unpopular choice
Hedera’s choice is not obvious for NFT integration. Data from the last 30 days shows that Hedera NFT market Hash Axis $36,000 trading volume is less than Ethereum’s $330 Million trading volume on OpenSea.
It makes sense for LG because it has been on Hedera’s Governing Council from 2020.
Shayne Higdon is the CEO of the HBAR Foundation, which supports developers on the Hedera Network.
He told CoinDesk the Hedera’s energy-efficient consensus mechanism makes it an ideal Blockchain for low-cost, low-carbon NFT transfers. Other networks are still catching up. Market leader Ethereum has moved to proof of stake this month.