Just months after Samsung announced it was introducing non-fungible tokens (NFTs) to its TVs, now LG is doing the same. The company’s new NFT marketplace, called LG Art Lab, lets you “buy, sell and enjoy high-quality digital artwork” from your TV.
For now, only US users with an LG TV running webOS 5.0 or later can access the app, which is available for download from the TV’s home screen. Through the portal, you can buy and sell digital works provided through LG’s NFT drops. The first of these drops is set for September 22 and features a set of metallic-looking NFTs from sculptor Barry X Ball.
Since I happen to own a compatible LG TV, I downloaded and tried out the app for myself…and still not much happening. The app is pretty empty and there aren’t any NFTs you can view and buy right now (unless of course you want to watch a video of Barry X Ball’s upcoming NFT on loop, which I did while writing this article).
But once there’s actually NFT you can buy from 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. Before you do that, you’ll need to buy USD Coin (USDC), a stablecoin that’s supposed to be pegged to the US dollar (and has managed to maintain that peg when other stablecoins have crashed).
LG’s NFT platform is built on top of Hedera, which describes itself as “the most widely used, sustainable corporate public ledger for the decentralized economy.” Unlike the Ethereum or Solana networks supported by many popular NFT markets, the Hedera network does not run on a blockchain — it uses a blockchain alternative called a hashgraph. LG is just one of several corporations serving as a governing member of the Hedera network, a system proponents claim is faster and more efficient than blockchain transactions.
LG says it will continue to add NFTs from artists on a “monthly basis” and that you’ll be able to view all your purchased NFTs from the LG Art Lab app. Just like Samsung is doing with NFT on their TVs, it looks like LG is hoping consumers will display NFT on their TV when it’s not in use (which sounds like a few extra bucks on my energy bill that I’d rather not spend).