NFT trading TV now possible with LG electronics

LG is a South Korean company that plans to hold a patent for NFT commercial TVs. The application has been released and launched its own NFT platform.

LG is applying for a patent for trading in NFT TVs

LG Electronics is a South Korean multinational electronics company. It is headquartered in Seoul, South Korea. LG was originally known as GoldStar and was founded with this name itself. It was after the Korean War that GoldStar was renamed LG. LG Electronics is part of the LG group, which deals with all electronics produced by the company.

This South Korean company has recently filed an application requesting a patent for its new smart TV based on Blockchain that allows users to trade non-fungible tokens. This patent clearly indicates Korea’s plan to dominate the field. This also shows their long-term plans for NFT.

The information came out on May 11 via WIPO’s global intellectual property database. Generally, a patent application is assessed and its filing is initiated after 18 months from the filing date or priority filing.

Based on calculations, it can be estimated that LG’s application was submitted in November 2021. After submission, various steps are included such as admissibility, granting or refusal of legal protection of the invention.

LG’s application says the technology allows crypto wallets and NFT market servers to connect to devices and secure transactions. The device generates a QR code on the screen every time it is connected to the NFT market server. This QR code enables users to complete transactions via a cryptocurrency wallet.

LG released its own NFT platform last September after the application was released. This NFT platform is called “LG art lab marketplace”, which follows the principles of the Hedera network. This allows TVs running certain versions to switch digital artwork.

LG has its own smartphone crypto wallet called Wallypto, which is available on the Art Lab Marketplace. But it is unclear whether the TV will entertain different wallets or will be limited to just Wallypto.

LG updates itself by integrating various Web3 solutions on its devices. A few months ago, the company opened up about the collaboration with Oorbit and Pixelyn. The motive for the same was to make viewers aware of the living rooms of the metaverse.

It is also concluded that this partnership took place for users to explore virtual worlds, concerts and artificial intelligence multiplayer games through their LG TV.

The competition applies to all fields and so on.

Samsung also made a big announcement that they are launching a new smart TV that is integrated with NFT platforms and allows users to shop through TV. With this announcement, LG will not remain the only one to have Web3 products bundled with its devices.

It has been seen that Samsung is also actively participating in investments that include NFT and Metaverse. All investments are made through the company’s venture capital arm, Samsung Next.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.

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