Just months after Samsung announced that it was bringing non-fungible tokens (NFTs) to its TVs, now LG is doing the same. The company’s new NFT marketplace, called LG Art Lab, lets you “buy, sell and enjoy high-quality digital artwork” right from your TV.
For now, only users in the US with an LG TV running WebOS 5.0 or later can access the app, which is available for download from the TV’s home screen. Through the portal, you can buy and sell digital works available through LG’s NFT drops. The first of these drops is scheduled for September 22nd and features a set of metallic-looking NFTs from sculptor Barry X Ball.
Since I own a compatible LG TV, I downloaded the app and tried it out for myself… still not much going on there. 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 Barry X Ball’s upcoming NFT on Loop video, which I did while writing this article).
But once you have NFT that you can buy from the platform, LG lets you scan the QR code that appears on the screen, then open the Wallypto app on your phone to complete the transaction. Before you can do that, you need to buy USD Coin (USDC), a stablecoin that is supposed to be pegged to the US dollar (and able to maintain that peg when other stablecoins crash).
LG’s NFT platform is built on Hedera, which is described as “a widely used, stable, enterprise public ledger for a decentralized economy.” Unlike the Ethereum or Solana networks, which are supported by many popular NFT marketplaces, the Hedera network does not run on the blockchain – it uses a blockchain alternative called Hashgraph. LG is one of several corporations serving as a governing member of the Hedera network, a system proponents claim is faster and more efficient than transacting on the blockchain.
LG says it will continue to add NFTs from artists “on a monthly basis,” and you can view any NFTs you’ve purchased from the LG Art Lab app. It looks like LG is hoping that consumers will display NFTs on their TVs when they don’t use them, just like Samsung does with NFTs on their TVs (which would be like a few extra bucks on my energy bill, which I won’t spend).