South Korean technology giant has used the Hedera Hashgraph (HBAR) network to introduce NFTs to television screens as well as run tests for a crypto wallet.
LG Art Lab, an NFT marketplace, is now available in the United States on TVs operating the webOS 5.0 operating system or later. According to the company, the platform allows users to buy, sell, and display their Hedera-powered digital assets from their screens.
"The platform will include the LG Art Lab Drops feature, which also profiles artists and previews new pieces coming soon to the platform," LG said, adding that the real-time Live Drops countdown enables users to anticipate mint dates and acquire just dropped NFTs.
The announcement comes roughly eight months after the company announced its intention to incorporate digital assets into its smart TV in order to redefine viewing and user experience.
Meanwhile, LG Electronics is running a beta test for developers for the latest cryptocurrency wallet app, Wallypto.
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 end of the Year.
The company added that it is still working on the specifics of the wallet's features but that it will also be built on Hedera. According to them, Wallypto will most likely be compatible with NFTs. The wallet could also be integrated with ThinQ, the company's rapidly growing Internet of Things (IoT) platform.
The company has partnered with the less-known Hedera network to provide these features. The platform bills itself as a blockchain alternative, employing its own hashgraph technology or a variant of distributed ledger technology.
At 07:33 UTC, HBAR, which is ranked 42nd in terms of market capitalization on Coingecko, is trading at USD 0.062, up 1% in a day and down 2% in a week. HBAR fell by 80% in a year.
LG Electronics joined the Hedera governing council in 2020, joining Google, IBM, Deutsche Telekom, and other companies.
The entry into the digital space coincides with a similar move by rival Seoul-based TV company Samsung, which revealed earlier this year the release of an NFT marketplace on various TVs, all supported by Nifty Gateway.
Meanwhile, the NFT market remains near its early 2021 lows. According to CryptoSlam data, sales volume in USD across the Ethereum blockchain has recently slipped to around USD 6m, a decline of more than 99% from the all-time high of USD 628m on May 1, 2022.