LG Electronics Joins Web3 With Launch of NFT Marketplace

LG Electronics Joins Web3 & Launches NFT Marketplace
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Another South Korean multinational conglomerate is bringing innovation to traditional markets

LG Electronics has just launched the platform LG Art Lab. An innovative NFT marketplace made for making it easy to trade digital artwork directly from your TV Home Screen. Users can buy, sell, and enjoy high-quality digital artwork from their smart TVs for the first time.

LG Art Lab is now available on LG TVs in the United States running webOS 5.0 and is based on the Hedera network.

Also, if you want to visit this NFT marketplace from your TV, you will have to get a Wallypto digital wallet address, LG’s cryptocurrency wallet for smartphones, to be released within the third quarter of 2022.

The marketplace debuts claiming to be “a treat for fans of contemporary art”, welcoming the sculptor Barry X Ball into the NFT space.

LG Art Lab NFT Marketplace
Source: LG Newsroom

LG users can obtain one of his digital art pieces created using the latest 3D scanning and printing technologies to reinterpret classical and modernist sculptures.

It is expected that in the future, both the Hedera blockchain and LG Art Lab marketplace will gain more artists and collectors.

Samsung leading smartphones to Web3 with DappRadar

LG isn’t the only Korean tech giant to seize the opportunity to be involved in the dapp industry. In 2022, we’ve seen a trend of traditional brands jumping into the Web3 space and investing in blockchain technology – whether in NFTs or Metaverse gaming virtual worlds.

In August 2022, for instance, Samsung announced a partnership with DappRadar to facilitate decentralized application discovery. The Samsung Blockchain Wallet, launched in 2019, supports Bitcoin, Ethereum, and ERC tokens, and is most likely to inspire or compete with LG’s new Wallypto.

Keep learning about and tracking NFTs

This announcement from LG Electronics is yet another big step that we’ve seen important Web2 companies take in the future. Therefore, it’s another step towards the adoption of decentralized applications by the mainstream audience.

As our Industry Reports show, public interest in NFTs remains strong despite the low state of the cryptocurrency market. Often strong NFT collections have proven to be a hedge against the crypto turmoil.

DappRadar will continue to follow LG’s journey into the NFT space and keep you posted on the latest developments.

If you enjoy learning about NFTs, make sure to visit our blog and follow DappRadar on Twitter to stay ahead of the game.

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.

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