LG Electronics takes patent for its NFT TV – Cryptopolitan
The technology giant LG Electronics has applied for a patent for its Smart TV. The blockchain-based TV will enable users to trade NFTs. WIPO’s global intellectual property database published the information on May 11, stating that the patent application is usually published 18 months after the filing date or priority filing. Thus, LG’s application was submitted in November 2021.
LG patent application published
The patent application outlines that LG’s technology will allow devices to connect to a cryptocurrency wallet and an NFT market server to facilitate transactions. The technology will feature QR codes on the screen when the device is connected to an NFT market server to allow users to complete transactions via their cryptocurrency wallet.
LG’s new NFT platform follows the release of the platform, LG Art Lab Marketplace, in September 2021. It was built on the Hedera network. The platform enables webOS 5.0 or later versions to trade digital artwork. It’s unclear whether the TV will integrate with various wallets or be limited to LG’s Wallypto, the company’s crypto wallet for smartphones, which is also available on the Art Lab Marketplace.
LG brings more Web3 solutions to its devices. In January 2022, the company partnered with technology platforms Oorbit and Pixelynx to bring the metaverse into the users of their TVs. The collaboration will enable customers to explore virtual worlds, concerts and other things through their TVs.
Electronics companies work with Web3 products
LG is not the only technology giant working to integrate Web3 into its products. In 2021, Samsung announced its smart TV, integrated with an NFT platform. Samsung is also actively investing in NFT and metaverse projects through its venture capital arm, Samsung Next.
The firm’s next step includes a substantive investigation, followed by the granting or denial of legal protection for the invention. This patent application highlights its interest in blockchain technology and its continued efforts to incorporate it into its devices.
The integration of blockchain technology into devices has the potential to revolutionize the way people interact with their TVs, turning them into more than just passive entertainment devices. By allowing users to trade NFTs, LG’s Smart TV can open up new revenue streams for content creators and artists, giving them a new way to monetize their work.
The company’s blockchain-based Smart TV patent application indicates the company’s interest in blockchain technology and its efforts to incorporate it into its devices. The integration of Web3 solutions into the devices highlights the company’s efforts to stay ahead of the technology race and offer new, innovative experiences to its customers.
