LG’s Blockchain-Based Smart TV: Revolutionizing NFT Trading or Exposing Users to Risks?

Futuristic living room embraces Web3, LG Smart TV with integrated NFT trading, soft glowing ambient light, captivating digital art display, warm, inviting atmosphere, contrasting sleek modern furniture, users interact with QR codes, secure transactions, sense of connection to evolving metaverse.

South Korean tech giant LG Electronics has filed a patent application focused on its blockchain-based Smart TV, designed to allow users to trade nonfungible tokens (NFTs). The application was published on WIPO’s global database for intellectual property on May 11. According to WIPO, the next steps include substantive examination, granting, or refusing legal protection to the invention.

LG’s innovative technology enables devices to connect to a crypto wallet and an NFT market server, facilitating transactions. When connected to an NFT market server, the Smart TV incorporates onscreen QR codes, allowing users to complete transactions via a cryptocurrency wallet.

This development comes after LG launched its own NFT platform, the LG Art Lab Marketplace, in September last year. The platform is based on the Hedera network and lets TVs running webOS 5.0 or later versions trade digital artworks.

However, it remains unclear whether the TV will integrate with various wallets or be limited to LG’s Wallypto, the company’s smartphone crypto wallet, which is also available on its Art Lab Marketplace.

LG is actively exploring a range of Web3 solutions for its devices. In January, the company announced a partnership with cloud-based technology platforms Oorbit and Pixelynx, aimed at bringing the metaverse directly into viewers’ living rooms. The collaboration is designed to let customers explore interconnected virtual worlds, concerts, and AI-driven multiplayer games through their LG TVs.

The integration of Web3 technology into consumer products is gaining momentum in the tech industry, and LG is not alone in its efforts. Last year, competitor Samsung revealed a new smart TV lineup with an integrated NFT platform. Samsung is also actively investing in NFT and metaverse projects through its venture capital arm, Samsung Next.

While the adoption of blockchain-based technology in Smart TVs opens new possibilities for digital art enthusiasts, it also raises concerns about potential fraud and wash trading. It’s essential for consumers to understand the risks associated with NFT trading and stay vigilant in detecting wash trading signs.

In conclusion, LG’s patent application for a blockchain-based Smart TV highlights the company’s commitment to exploring and integrating Web3 solutions into its product lineup. However, it also raises questions regarding consumer safety and the potential restrictions on wallet integration. As more tech giants move towards embracing Web3 technology, it will be interesting to see the impact on user experiences and the broader adoption of NFT trading in everyday life.

Source: Cointelegraph

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