LG is adding NFTs to its smart TVs, of course
You can hardly use the internet anymore without seeing NFTs. These crypto-backed digital assets skyrocketed in value last year, only to fall to earth with cryptocurrency prices in 2022. LG has chosen this moment to roll out the LG Art Lab platform on its TVs. Those with select LG smart TVs will soon be able to use the platform to buy, sell and view NFTs, which LG calls “high-quality works of art.”
LG has partnered with the Hedera network, which bills itself as a faster, greener alternative to traditional blockchains. The Hedera hashgraph technology is not very popular at the moment – Hedera’s Axis NFT platform does a few thousand transactions per day, but Ethereum is in the hundreds of millions even after recent drops in NFT interest. However, it makes sense for LG, who has been on the Hedera board since 2020.
NFTs will be available on LG TVs running webOS 5.0 or later, and it integrates with LG’s Wallypto crypto wallet on smartphones. To buy NFTs on your TV, you need a phone with the Wallypto app. The TV displays a QR code, which you can scan with your phone to complete your purchase with a stable coin called USD Coin. Once that’s done, you can view your NFTs in the My Collection area of Art Lab. They can also be used as screensavers on the TV when it is not in use.
LG says you can swap out the NFTs if you get tired of looking at them, and that seems to be all they’re good for. You can access information about the artist from your NFT collection, but you hardly need to buy an NFT to find someone on the Internet. Some projects promise access to exclusive features or products with NFT ownership, but most are just JPEGs attached to a cell in a spreadsheet saying you own it. LG says their first NFT release will come on September 22nd from sculptor Barry X Ball. It appears that each of the designs will be limited to 350 NFTs.
Many see NFTs as a key component of the metaverse, a spatially aware replacement for the internet heralded by the likes of Mark Zuckerberg. The idea is that NFTs will integrate into virtual spaces, making it more like owning real estate rather than just a JPEG. None of this exists yet, making the images of cartoon monkeys and sculptures on TV little more than a novelty. With NFT trading volume down by as much as 99% compared to a few months ago, you probably won’t be getting into NFTs for investment purposes either.
Read now:
