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Electronics manufacturer LG is joining the metaverse by launching its very own NFT trading platform in collaboration with the Hedera blockchain. The new app is called LG Art Lab and features images and descriptions of NFTs that can be viewed, bought, and sold.

People who own LG smart TVs running webOS 5.0 or later,  can now download the LG NFT app if they are based in the United States.

That’s what Twitter user Jerry Falsetto did. He said: “I just downloaded the LG NFT app on my tv. Yes, of course, it’s built on Hedera. Got Hbars?”

He then shared a photo of what the new interface looks like:

LG Art Lab: First impressions

LG released a photo of the LG Art Lab interface as part of its press release announcing the new NFT platform. The photo depicts the high-definition imagery that users will be able to access via their smart TVs when they download the app.

And the very first collection on the platform will delight fans of contemporary art! They will be able to purchase digital artwork from well-known sculptor Barry X Ball.

This is actually Barry X Ball’s very first digital artwork ever! The sculptor, famous for reinterpreting modernist sculptures using 3D scanning and printing, will be creating an entire collection of ‘Metal’ series digital works.

This will be followed by his ‘Stone’ series which will be added on the platform too, with NFTs dropping on a monthly basis.

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A depiction of the LG Art Lab interface showing a piece of digital art by Barry X Ball. Image source: LG

What are people saying about the new LG Art Lab app?

There was enthusiastic and thoughtful discourse by Hedera fans following news of the partnership on Facebook.

Facebook user Andrew Torgoman said: “NFTs will be minted in multiple platforms. Being able to use on multiple platforms, for the most part, will be important.

“It’s would be great to see Hedera as one of the future platforms driving DLT, NFT and Metaverse experiences”

And Facebook user Steven Burdick added: “Just think of what it will mean when LG has hedera wallets on all of their devices and the masses are able to utilize said wallet to purchase features, NFT’s, make micropayments for content, etc etc.

“This is the beginning of true mass adoption globally.”

Mass adoption could certainly be on the cards if massive companies like LG are introducing their own NFT platforms. And it won’t be just Hedera that benefits, but Web3 as a whole.

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Hedera’s slogan, “hello future”, seems apt considering its newest collaboration with TV giant LG. Image source: Hedera

 

How will the new NFT app work?

The new NFT app will allow users to buy and sell art as simply as possible. Users will be able to use on-screen QR  codes to complete transactions via Wallypto, the company’s crypto wallet for smartphones.

Wallypto is also built on Hedera and supports Hedera’s HTS tokens. It is currently in beta testing but it’s in its final verification stage.

Once the NFT is purchased, users can trade it on the LG Lab Art Marketplace. They can also view their transaction history, and admire all of their artwork.

A spokesman for LG said: “When displayed on the cinematic, 16:9 aspect ratio screens of LG’s TVs, NFTs come fully to life – especially on the company’s OLED TVs, which leverage self-lit pixels to deliver infinite contrast, inky blacks and exceptional color accuracy.”

Who knows? All those TVs hanging above fireplaces could become makeshift picture frames, proudly displaying the owners’ art to dinner guests, for example. This is yet another way to blur the lines between Web3 and the physical world.

Could blockchain gaming be next for LG?

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LG is investing heavily in gaming and NFTs with its new trading platform. But could blockchain gaming be next for the TV company? Image source: LG

 

Days after it emerged that LG will be launching its own NFT art platform, the TV company announced it is expanding its gaming experience too.

LG’s latest TVs will get new cloud-gaming services and a UI update to make it easier to access games.

LG will collaborate with Blacknut and Utomik Cloud later this year to deliver a wealth of titles via a monthly subscription.

Blacknut alone will deliver 500 PC and console games, including lots of Disney-themed options.

And as users won’t need to install the games, they can play as many as they like without worrying about space constraints.

LG is investing heavily in NFTs and gaming; so far, separately. But could the company be planning a move to blockchain gaming? Only time will tell.

What are the wider implications of the LG Art Lab app?

The wider implications of this brand new NFT app were summed up succinctly by Hedera, the partner blockchain.

Hedera said in a Tweet: “19.2% of all TVs sold worldwide in Q1 2022 were made by LG Electronics. Welcome to real-world adoption powered by Hedera” 

LG owns a huge portion of the TV market and has just launched a free NFT app for its users. There is great potential for mainstream adoption of NFTs as a result.

And LG’s massive investment in gaming, as well as its new NFT platform, are both positive signs for P2E and blockchain enthusiasts alike.

When major companies like LG join Web3 and launch their own NFT platforms, this creates more legitimacy around the world of NFTs as a whole.

It is an opportunity for NFT trading to enter the mainstream.

 

Any investment/financial opinions expressed by Play to Earn Diary are not recommendations. Our content is for educational purposes only. If you plan to invest in any game or cryptocurrency then please do your own research and only spend what you can afford to lose.

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