South Korea’s LG Electronics files for NFT trading TV patent
A recent one report published on WIPO’s Global Intellectual Property Database revealed LG Electronics’ application to acquire an NFT trade patent for its Smart TV.
Especially WIPO guide states that an filing application can only be published after 18 months. As such, the South Korean technology company applied for the patent in November 2021. Now LG is waiting for the remaining steps to grant or reject the patent.
LG’s technology supports NFT trading on smart TVs
The LG technology will enable users to connect their crypto wallet and an NFT market server for trading.
After connecting to the NFT server, users will see a QR code on the screen to enable them to transact through the crypto wallet.
Prior to this patent application, LG launched an NFT platform, “LG Art Lab marketplace”, in September 2022.
The platform was launched on the Hedera network which allows all smart TVs running webOS 5.0 or later versions to shop digital art.
Users can buy and sell high-quality digital artwork on their Smart TV home screen. The platform also features “LG Art Lab Drops” to profile artists and preview new works to be launched.
So far, the company has not said whether the Smart TV will accommodate other wallet apps besides LG’s smartphone crypto wallet, Wallypto, which is also used on the Art Lab Marketplace.
Large technology companies integrate Web3 solutions on smart devices
In addition to the newer technology to support NFT trading on smart TVs, LG plans to integrate other solutions on its devices.
The company partnered with cloud-based technology platforms, Oorbit and Pixelynx, to integrate Metaverse on big screens. Oorbit announcesd on Twitterwho proclaims his excitement about the partnership.
according to reports, the partnership aims to bring “interoperable virtual worlds to LG TVs”. The partners will simplify the way consumers interact in the metaverse, ensuring immersive gameplay and experiences in the virtual world.
Oorbit stated that scaling the technology for the millions of customers using LG TVs is a great way to bring the metaverse closer to the people.
Prior to the partnership, LG had expanded its business development goals to include crypto and blockchain-based software development.
LG revealed two plans based on the report during last year’s annual general meeting. The first goal is to develop and sell blockchain-based software, while the second is to sell and broker cryptocurrency.
There were hints and speculations that LG could launch a crypto exchange. But the spokesman stated that the company has not made a decision, but only revealed plans to branch out.
Apart from LG Electronics, Samsung has also become a major player in the NFT and Metaverse sectors through its venture capital arm, Samsung Next.
The electronics giant announced in early 2022 that the new smart TV product line, including Micro LED, The Frame and QLED, will have an NFT marketplace.
– Featured Image Source: Pexels, Chart: TradingView
