James Atkins
Editor
Editor
LG Electronics has launched its nonfungible token (NFT) platform on the Hedera blockchain.On Monday, September 5th, LG Electronics announced they were using the Hedera blockchain to develop their NFT platform known as LG Art Lab. This platform will allow consumers to find, buy, sell, and trade NFTs on their LG TVs.
This is the company’s second major milestone in eight months. Following the introduction of NFT features into its smart TV a year ago.
Consumers in the United States can now take advantage of LG’s NFT platform. By accessing it directly from the home screen of their LG TV running webOS 5.0 or later.
LG Electronics revealed that it collaborated with the Hedera network to provide a smartphone app. That allows users to purchase NFTs via the Wallypto, LG’s mobile crypto wallet.
Head of platform business and Senior VP, at LG Electronics’ home entertainment division, Chris Jo, notes the new development, says;
“Wallypto, which has been in development since September 2021 on the Hedera network, launched its beta version of the wallet this week in August. “NFTs are becoming increasingly popular, but many people find them difficult to understand and use. LG Art Lab intends to make it easier for millions of American users to gain entrance and display NFTs without having to deal with code or blockchain technology.”
LG Electronics first collaborated with Hedera in 2020, when it became part of the Hedera governing board. The group also includes IBM, Google, Deutsche Telekom, and the Indian Institute of Technology.
Hedera is a permissioned network that uses a directed acyclic graph (DAG) data structure similar to a blockchain.
NFTs have been a hot topic in the crypto world recently with major platforms. Such as Ethereum and Flow seeing increasing activity and transaction volume. The launch of LG Art Lab will allow Hedera to tap into this growing market.
Jo explains that;
“Hedera is a great choice for sustainable initiatives because it uses much less energy than any other public ledger. This means that clients can purchase, sell, and display their NFTs on the Hedera network without bothering about excessive energy consumption. In addition, Hedera promises a low, predictable fee for users, unlike many other decentralised networks.”
The NFT platform provides a Drops attribute. This feature profiles artists and shows their new work previews. The real-time Live Drops attribute notifies users when an NFT is dropped, so they don’t miss out on a chance.
The team decided on Hedera due to the blockchain’s capabilities. With this technology, users can transact for less than $0.0001 per transaction. There are no high gas fees or other expenses associated with using the LG NFT platform.
LG Electronics is a global leader in technology and innovation with a presence in over 150 countries.
The firm is made up of four business units: Home Appliances & Air Solutions, Home Entertainment, Mobile Communications, and Vehicle Components. LG’s Hedera-based NFT platform will be utilized by the company’s Mobile Communications division.
Hedera Hashgraph is a public decentralized ledger that allows anyone to securely and efficiently create, store, and transfer digital assets.
The Hedera network uses a new consensus algorithm, known as the Hedera Consensus Service (HCS), which is faster, more secure, and more scalable than existing blockchain technologies.
Hedera is backed by a group of some of the world’s largest organizations, including IBM, Google, and Boeing.
The launch of LG’s NFT platform on Hedera Hashgraph is a major development in the adoption of blockchain technology by large enterprises.
Hedera’s high performance and security make it well-suited for enterprise applications. With the backing of major companies like LG, Hedera is well-positioned to become the leading enterprise blockchain platform.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
