Friday, September 29, 2023

LG is bringing NFTs to its smart TVs

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Shreya Christina
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Just months after Samsung announced it was bringing non-fungible tokens (NFTs) to its TVs, LG is now doing the same. The company’s new NFT marketplace called LG Art Labyou can “buy, sell and enjoy high-quality digital artworks” from your TV.

For now, only US users with LG TVs running webOS 5.0 or later can access the app, which can be downloaded from the TV’s home screen. The portal allows you to buy and sell digital works made available through LG’s NFT drops. The first of these drops will take place on September 22 and will feature a set of metallic NFTs from sculptor Barry X Ball.

Since I happen to have a compatible LG TV, I downloaded the app and tried it myself… and not much is happening there yet. The app is pretty empty and there are no NFTs you can browse 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).

Would you look at that? NFTs on TV!
Image: LG

But once there is actually an NFT that 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 was supposed to be pegged to the US dollar (and managed to keep that peg when other stablecoins crashed).

LG’s NFT platform is built on hedera, which describes itself as the “most widely used, sustainable enterprise ledger for the decentralized economy.” Unlike the Ethereum or Solana networks that support many popular NFT marketplaces, the Hedera network does not operate on the blockchain – it uses a blockchain alternative, called hashgraph. LG is just one of many companies that as a reigning member of the Hedera network, with proponents of the system claiming it is faster and more efficient than transactions on the blockchain.

LG says it will continue to add artist NFTs “monthly” and you’ll be able to view all of the NFTs you’ve purchased through the LG Art Lab app. Much like Samsung does with the NFTs on its TVs, it seems LG hopes users will display the NFTs on their TVs when not in use (which sounds like a few extra dollars on my utility bill that I’d rather not spend).

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