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 LG’s most recent software will be able to buy, sell and showcase their Hedera NFTs from their screens.
LG’s strides into the NFT space follow Samsung’s release of
an NFT marketplace on three of its TVs, all supported by Nifty 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, Head of Platform Business
at LG told CoinDesk in an email that 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 Axis’ $36,000 trading volume pales in comparison to Ethereum’s $330
million trading volume on OpenSea. But it makes more sense for LG: it's been on
Hedera’s Governing Council since 2020.
Shayne Higdon, CEO of the HBAR foundation, an organization
supporting developers on the Hedera network, told CoinDesk that the Hedera’s
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 proof of stake this month.