LG brings NFTs to its smart TVs

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 Lab, lets you “buy, sell and enjoy high-quality digital artwork” from your TV.

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

Since I happen to have a compatible LG TV, I downloaded and tried the app on my own…and not much is happening yet. The app is pretty empty, and there aren’t any NFTs you can browse and buy right now (unless of course you want to watch a video of Barry X Ball’s next NFT on repeat, which I did while writing this article).

Can you watch this? NFT on TV!
Picture: LG

But once there’s actually an NFT you can buy on the platform, LG says you can scan the QR code that appears on the screen, then open the Wallypto app on your phone to complete the transaction. . Before you do that, you’ll need to buy some USD Coins (USDC), a stablecoin that’s supposedly pegged to the US dollar (and managed to hold that peg when other stablecoins crashed).

LG’s NFT platform is based on Hedera, which describes itself as the “most widely used and enduring enterprise public ledger for the decentralized economy.” Unlike the Ethereum or Solana networks supported by many popular NFT marketplaces, the Hedera network does not run on the blockchain – it uses an alternative to the blockchain, called a hashgraph. LG is just one of many companies that serve as a governing member of the Hedera network, with proponents of the system claiming it is faster and more efficient than blockchain transactions.

LG says it will continue to add artist NFTs on a “monthly basis” and you’ll be able to view all the NFTs you’ve purchased from the LG Art Lab app. Much like Samsung does with NFTs on its TVs, it seems LG is hoping users will display NFTs on their TVs when not in use (sounds like a few extra bucks on my energy bill which I prefer do not spend).

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