Crypto Beginner

LG brings NFTs to a small screen near you

LG NFT

Your NFT experience just got an upgrade. South Korean electronics major LG is bringing the NFT experience out from mobile and computer devices directly to your TV. The company has announced the launch of a new NFT marketplace, dubbed “LG Art Labs” that will allow users to buy, sell, and trade NFTs directly from their LG smart TVs.

Initially, the feature will only be available to LG television owners in the US who use the WebOS 5.0 smart TV platform. What’s more, the marketplace will be directly accessible from the home screen.

“LG Art Lab is designed to allow millions of users in the US to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves,” Chris Jo, senior vice president and head of platform business, told TechCrunch in an interview.

All the transactions on LG’s NFT marketplace will be handled via Wallypto, LG’s in-app crypto wallet designed for LG smartphones, which was developed by Hedera Network last September.

The marketplace offers a Drops feature that profiles artists and displays previews of their artworks. It would also give notifications to help users acquire airdropped NFTs, ensuring that users don’t miss out on such opportunities.

Lower transaction costs are also a big draw as Hedera will allow users to transact NFTs for less than 0.0001 cents per transaction, unlike other NFT marketplaces on public blockchains that charge high gas fees.

On another note, Samsung is also devising a new NFT marketplace for Samsung TV owners in partnership with NFT marketplace Nifty Gateway.

FAQs

What is the NFT marketplace?

An NFT (Non-Fungible Token) marketplace is a platform where individuals buy, sell, and trade unique digital assets represented by NFTs. NFTs are cryptographic tokens that use blockchain technology, often built on platforms like Ethereum, to represent ownership or proof of authenticity of specific digital or physical items.

What is the point of an NFT?

Ownership and Authenticity: NFTs use blockchain technology to establish and verify ownership of digital assets, ensuring their authenticity and scarcity.
Digital Collectibles: NFTs enable the creation and ownership of digital collectibles, including digital art, music, videos, virtual real estate, and in-game items.
Creator Revenue: Artists and content creators can tokenize their work, allowing them to receive direct compensation for their creations through NFT sales.

What does NFT stand for in social media?

In the context of social media, “NFT” stands for “Non-Fungible Token.” NFTs are digital assets, often representing unique items such as art, collectibles, or other digital content, and are recorded on a blockchain for ownership and authenticity verification.

What do you do with an NFT?

Ownership and Proof of Authenticity: NFTs serve as digital certificates of ownership and authenticity for digital or physical assets, including art, music, videos, virtual real estate, and more.
Collectibles and Gaming: In the gaming industry, NFTs enable players to own and trade in-game assets. They also function as digital collectibles, allowing users to collect unique items.
Digital Art and Creativity: NFTs revolutionize the art world by providing artists with a new way to monetize and sell their digital creations directly to collectors. NFTs ensure the uniqueness and provenance of digital artworks.

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