LG Electronics has launched its own non-fungible token (NFT) platform, LG Art Lab.
Now available in the U.S. on the company’s TVs running webOS 5.0 or later, and accessible directly from the home screen, the new platform enables users to buy, sell and enjoy high-quality digital artwork.
LG is of course hoping this art work will help consumers enjoy their TVs more, and it says the TVs are the perfect medium for displaying one’s NFT collection. It’s a sign that big companies see NFTs as being a step closer to mainstream adoption.
Separately, LG announced that it will offer the Utomik cloud gaming subscription service on its TVs through its LG TV app store. The service will range from eight euros to 13 euros, starting in November.
LG said it has built the platform to make it convenient and accessible to use NFTs. It includes the LG Art Lab Drops feature, which profiles artists and previews new works coming soon to the platform. Meanwhile, the real-time Live Drops countdown ensures users can acquire a “just dropped” NFT.
LG’s new platform is based on the Hedera network, the most used, sustainable, enterprise-grade public ledger for the decentralized economy, makes buying and selling as simple as possible, incorporating onscreen QR codes that let users quickly complete transactions via Wallypto – the company’s crypto-currency wallet for smartphones.
Once purchased, an NFT can be traded on LG Art Lab Marketplace, where users can easily view transaction history, while in My Collection they can see all of their owned artworks. When displayed on the cinematic, 16:9 aspect ratio screens of LG’s TVs, NFTs come fully to life.
LG Art Lab welcomes the first-ever digital artwork from well-known sculptor Barry X Ball. Famous for reinterpreting classical and modernist sculptures using the latest 3D scanning and printing technologies, Barry X Ball is now making his debut in the world of NFT art with unique “Metal” series digital works.
The first of these NFT works, which capture details used in the artist’s remarkable sculptures, will be available via the platform’s LG Art Lab Drops feature in the coming weeks, with “Stone” series and other artists’ works to be added on a monthly basis.
To help users gain a deeper understanding of their favorite NFTs and the creative minds behind them, the platform also presents informative artwork descriptions and short films that illuminate the artists’ creative processes. Users can follow and learn more about each artist in the app’s profile feature, and will have the opportunity to meet some of them at upcoming, LG-sponsored art events.