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LG Electronics launches NFT platform that lets users buy and sell digital artwork

Today, LG Electronics announced the launch of LG Art Lab, a non-fungible token (NFT) platform that enables users to find, acquire, and exchange NFTs on LG smart TVs.

About eight months have passed since LG Electronics stated at a press conference that it intended to include NFT technologies in its smart TV. The platform is currently only accessible from the home screen on LG TVs running webOS 5.0 or later in the United States.

LG Electronics and the Hedera network collaborated to create an app that lets users buy NFTs using Wallypto, LG’s mobile cryptocurrency wallet.

Chris Jo, senior vice president and head of platform business at LG Electronics’ home entertainment group, stated that Wallypto, which is based on Hedera, has been under development since September 2021. The wallet’s beta version was released this week in August.

In 2020, LG Electronics joined the Hedera governing council, which also includes Google, IBM, Deutsche Telekom, the Indian Institute of Technology, and other organisations. This marked the beginning of the relationship between Hedera and LG Electronics. “While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started,” Jo said. “LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs, without having to interact with code or directly with a blockchain themselves.”

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