LG Electronics to Venture on NFTs 

LG Electronics has filed a patent for a blockchain-based smart TV capable of facilitating Non-Fungible Token (NFT) transactions.

In an unprecedented move, South Korean tech giant LG Electronics has brought the world of Non-Fungible Tokens (NFTs) directly into our living rooms. The tech powerhouse has lodged a patent application for its groundbreaking blockchain-based smart TV, designed specifically to facilitate NFT transactions.

The World Intellectual Property Organization (WIPO), an international repository for intellectual property, disclosed the patent application on May 11. The application’s release, which typically occurs 18 months post-filing or priority filing, suggests that LG initially filed the application in November 2021. The patent application now proceeds to the comprehensive examination stage, which will ultimately determine whether the invention gains legal protection.

LG’s Blockchain TV: A New Frontier in NFT Trading

The core innovation of LG’s latest offering lies in its ability to integrate devices with a cryptocurrency wallet and an NFT market server. This integration enables seamless transactions, transforming the TV into a potent platform for NFT trading. The incorporation of onscreen QR codes further streamlines the transaction process, allowing users to conveniently complete transactions via their cryptocurrency wallets.

The patent application comes hot on the heels of LG’s launch of its NFT platform – LG Art Lab Marketplace – in September 2022. This platform, built on the Hedera network, lets TVs running webOS 5.0 or later versions trade digital artworks.

However, the question of wallet integration remains unanswered. It’s still unclear whether the TV will exclusively cater to LG’s Wallypto – the company’s smartphone crypto wallet accessible via its Art Lab Marketplace – or support a diverse range of wallets.

LG Electronics: Pioneering Web3 Solutions

LG’s blockchain-based TV forms part of the company’s broader push to integrate Web3 solutions into its device lineup. In January, LG announced partnerships with cloud-based technology platforms Oorbit and Pixelynx. This collaboration aims to transport the metaverse directly to viewers, facilitating access to virtual worlds, concerts, and AI multiplayer games through LG TVs.

But LG isn’t alone in this Web3 endeavor. In 2022, Samsung, one of LG’s key competitors, unveiled a smart TV range integrated with an NFT platform. Moreover, Samsung is actively channeling investments into NFT and metaverse projects via its venture capital subsidiary, Samsung Next. The race to integrate Web3 into tech products is undoubtedly heating up, and LG is leading the charge.