LG Employs Hedera Hashgraph Network For NFT Platform, Tests Crypto Wallet

LG Electronics, the tech giant from South Korea, has decided to go with the Hadera Hashgraph (HBAR) network in order to bring NFTs to televisions. The electronics company is also testing a cryptocurrency wallet. The NFT marketplace named LG Art Lab is now up and accessible in the US on the company’s TVs running on webOS 5.0 or later. According to the company, the NFT platform enables users to purchase, sell, and show their Hedera-powered NFTs from their TV screens.

“The platform includes the LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform,” said LG, noting that the real-time “Live Drops” countdown lets users predict the mint date and purchase a “just dropped” NFTs. Eight months ago, LG Electronics stated that it intended to add NFTs into its smart TV to “redefine viewing and user experience.” Now, the company is making the announcement.

LG Electronics is also conducting a developer beta test for Wallypto, a new cryptocurrency wallet app. According to News1 and the Shina Ilbo, the company has registered the app’s name and logo “with domestic and foreign patent offices” and plans an “official launch” before the year. The business also said it is currently finalizing the wallet’s features, which would also be based on Hedera. LG noted that Wallypto would likely also work with NFTs. The company could potentially try to link the wallet with ThinQ, its quickly expanding IoT platform.

Notably, LG is providing these functionalities over the obscure Hedera network. Hedera markets itself as a blockchain substitute and uses its Hashgraph technology, which is a different type of distributed ledger technology. At 07:33 UTC, HBAR, which is now trading at USD 0.062 and is up 1% for the past day but down 2% over the past week, is ranked 42nd by market capitalization on Coingecko. In a year, HBAR had an 80% decline. In 2020, LG Electronics joined the Hedera governing council, which also involves Google, IBM, Deutsche Telekom, and others.

LG’s entry into the NFT market comes after a similar move by competitor Samsung, which earlier this year announced the availability of an NFT marketplace on various TVs supported by Nifty Gateway. Meanwhile, the NFT market is still close to its early 2021 lows. The stats from CryptoSlam reveal that NFT sales volume in terms of USD across the Ethereum blockchain has decreased recently to about USD 6 million, down more than 99 percent from the all-time high of USD 628 million registered on May 1, 2022.

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