On the TV to the NFT millionaire? LG makes it possible
After Samsung, LG is now jumping on the NFT train. Owners of some of the manufacturer’s smart TVs can use the “LG Art Lab” to trade NFTs directly via their TV. However, the function is not available everywhere at the beginning.
LG launches NFT marketplace on smart TVs
The market for NFTs has cooled off significantly recently, but that’s not stopping LG from launching its own marketplace. A few months after Samsung, the other South Korean heavyweight is now offering the opportunity to to buy and sell NFTs via the Smart TV – and in the best case, maybe amass a small fortune with NFTs. According to the manufacturer, the new “LG Art Lab” allows “enjoying high-quality digital works of art”.
Initially, the marketplace will only be available to users in the United States. They must have an LG TV with at least webOS 5.0 installed. If the requirements are met, the NFT app from LG can be downloaded directly from the television’s home screen. With a first NFT drop is on September 22, 2022 to reckon with. Then some NFTs by the sculptor Barry X Ball should be ready. New offers are added monthly.
In order to actually purchase NFTs via the platform, you need more than an LG television. A QR code should be displayed in each case, which is scanned via the Wallypto app on the smartphone. The pay is exclusively via the cryptocurrency USD Coin (USDC) possible, which according to the operator is linked to the US dollar.
The network used by LG is not Ethereum or Solana, but this Hedera not represented on the blockchain. LG is a senior member of the Hedera network (Source: TechCrunch).
The ecological footprint of NFTS is enormous. More about this in the video:
NFT market has shrunk significantly
Interest in NFTs has declined sharply in recent months. The trading volume on the largest NFT marketplace, OpenSea, is between May and August 2022 dropped by a whopping 99 percent, as data from the decentralized app store DappRadar shows. Transactions fell from around $2.7 billion to just over $9.3 million.
