07/09/2022 LG Picks Lesser-Known Hedera Blockchain for Television NFTs
The consumer electronics company, which has served on the Hedera Governing Council since 2020, is bringing NFTs to television screens through a platform built on the Hedera network.
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LG will only support NFTs on Hedera Hashgraph. (KÄrlis DambrÄns/Flickr)
Another consumer electronics company is taking NFTs to TV screens.
Korea-based LG is releasing a non-fungible token (NFT) marketplace called LG Art Lab that plugs into the Hedera Network, which LG supports. Television owners with sets updated to LGās most recent software will be able to buy, sell and showcase their Hedera NFTs from their screens.
LGās strides into the NFT space followSamsungās releaseof an NFT marketplace on three of its TVs, allsupported byNifty Gateway. LG Art Lab will only be on LG TVs. Incorporating LG's mobile crypto wallet Wallypto, users can purchase assets by scanning a QR code to connect their wallets.
Chris Jo, senior vice president and head of Platform Business at LG, told CoinDesk in an email the platform aims to make NFTs accessible for users looking to step into the space.
The choice of Hedera is not an obvious one for an NFT integration. According to data from the past 30 days, Hedera NFT marketplace Hash Axisā$36,000 trading volumepales in comparison with Ethereumās$330 million trading volume on OpenSea. But it makes more sense for LG: It has been on Hederaās Governing Council since 2020.
Shayne Higdon, CEO of the HBAR Foundation, an organization supporting developers on the Hedera network, told CoinDesk Hederaās energy-efficient consensus mechanism makes it an ideal blockchain for cheap, low-carbon-footprint NFT transfers. Still, other networks are catching up; market leader Ethereum is moving to a more energy-efficient proof-of-stake system this month.
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