LG’s Blockchain Smart TVs: NFT Trading Revolution and Tech Giants’ Race to Dominate Web 3.0 Market

Futuristic living room with a sleek LG Smart TV, ethereal glow, blockchain elements, QR code for crypto transactions, soft pastel palette, modern art-inspired, user browsing NFTs, liminal space between reality and metaverse, warm and inviting ambiance, sense of connection and exploration.

LG Electronics, a renowned South Korean tech giant, continues to make waves in the blockchain and cryptocurrency space, with its recent filing for a blockchain-based smart TV. The patent, filed in November 2021, was published by the World Intellectual Property Organization (WIPO) after an 18-month waiting period. LG now awaits the final decision on the patent, signaling its determination to support NFT trading on its smart TVs.

The innovation aims to allow users to connect their crypto wallets and an NFT market server, facilitating seamless non-fungible token trading directly from their LG Smart TVs. Once connected, an onscreen QR code will guide transactions via the user’s crypto wallet. LG already launched an NFT platform, “LG Art Lab Marketplace,” in September 2022 and offers its crypto wallet, “Wallypto,” supporting transactions in the NFT marketplace. However, it remains unclear if the smart TVs will exclusively use Wallypto or support other third-party apps.

LG is not alone in its expansion efforts toward blockchain and cryptocurrency integration. Leading tech companies, including Samsung, are actively exploring new functionalities for electronic devices, driven by the growing trend in Web 3, Crypto, Blockchain, and Metaverse technologies. In its annual general meeting in 2022, LG announced plans to expand towards producing and selling blockchain-based software and potentially diving into the sale and brokerage of crypto assets. These announcements led to speculations about LG potentially launching its cryptocurrency exchange in the future.

Moreover, LG has been working to establish partnerships that will further enhance its presence in the NFT and metaverse spaces. In January, the company partnered with cloud-based tech platforms Pixelynx and Oorbit to integrate metaverse technology into its smart TVs. The collaboration aims to offer LG TV users an immersive experience, featuring AI-powered multiplayer games and concerts on their screens.

Similarly, Samsung is expanding its footprint in the NFT and metaverse sector. In 2021, the company announced the integration of an NFT platform into its TVs, including QLED, Micro LED, and The Frame. Additionally, through its venture capital arm “Samsung Next,” the firm invests in non-fungible tokens and metaverse projects. In January 2022, Samsung launched a virtual store in Decentraland, further solidifying its commitment to the metaverse.

In conclusion, it is evident that LG and other major tech companies recognize the promising potential of blockchain and cryptocurrencies in shaping the future of technology. By continuously exploring new possibilities and pushing the boundaries of their products, tech companies like LG and Samsung are consistently transforming user experiences in line with the rapidly evolving digital world. The integration of NFTs and metaverse technologies into everyday devices represents the next significant step in the transition toward an interconnected and immersive digital landscape.

Source: Cryptonews

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