New patent application from LG: Blockchain-powered TVs that support NFT trading

LG Electronics, the South Korean tech giant, may be poised to introduce a new paradigm in entertainment and blockchain technology.

According to a report by Ana Paula Pereira for Cointelegraph published on May 12, 2023, LG has applied for a patent for a blockchain-based Smart TV, an innovative design that allows owners to trade nonfungible tokens (NFT) right from their living room.

The patent application was published in the World Intellectual Property Organization’s (WIPO) global database. As Cointelegraph reports, the patent, which was originally submitted in November 2021, is pending. This crucial step could result in granting or denying legal protection to LG’s new invention.

The technology described in the patent application allows devices to connect to a crypto wallet and an NFT market server, thereby facilitating transactions. When the device is connected to an NFT market server, it generates QR codes on the screen, allowing users to complete transactions via their cryptocurrency wallets, according to information shared by Cointelegraph.

This news follows LG’s launch of its NFT platform, the LG Art Lab Marketplace, in September 2022. This platform, according to Cointelegraph, enables TVs running webOS 5.0 or later versions to shop for digital artwork.

However, there is still uncertainty about TV’s integration possibilities. It remains unclear whether the TV will integrate with various wallets or exclusively with LG’s Wallypto, the company’s proprietary smartphone crypto wallet, which is also available on the Art Lab Marketplace.

LG’s use of Web3 solutions on its devices is gaining momentum. Cointelegraph’s report mentioned that LG had announced a partnership with cloud-based technology platforms Oorbit and Pixelynx in January 2023, a collaboration meant to transport the metaverse into viewers’ living rooms. According to the report, this partnership allows customers to explore connected virtual worlds, concerts and artificial intelligence multiplayer games through their LG TVs.

Nevertheless, LG is not alone in this attempt to mix Web3 with its products. Samsung, a competitor, has also made progress in this direction. Last year, Samsung announced a smart TV series integrated with an NFT platform, and it reportedly continues to actively invest in NFT and metaverse projects via its venture capital arm, Samsung Next.