South Korean consumer tech giant, LG Electronics, continues to make strides in the world of blockchain and Non-Fungible Tokens (NFTs) with the revelation of their latest patent application. The patent, filed with the World Intellectual Property Organization (WIPO), details a TV that allows users to buy, sell, and swap NFTs directly from the comfort of their living rooms. The device would connect to an NFT market server, showcase various artworks, and enable purchases through users’ cryptocurrency wallets connected to the TV set.
This is merely the latest development in LG’s ambitious metaverse and NFT plans, as first announced last year. In September 2022, the company launched its own NFT marketplace, “LG Art Labs,” allowing US LG television users with their webOS 5.0 operating system to trade digital collectibles. LG later introduced the Blade Wallet in early 2023, a platform designed to connect with LG Art Labs and facilitate NFT trading.
Joining forces with Hedera Hashgraph, a distributed ledger technology company seen as an alternative to blockchains, LG Electronics broadened its reach into the cryptocurrency market. Notably, Hedera has also collaborated with industry giants Google, IBM, and Ubisoft.
Despite a less intensive focus on the metaverse in 2022 than initially anticipated, LG remains confident in the long-term prospects of the NFT market as a crucial component of the digital economy. However, some industry observers may raise concerns about the extent to which LG ultimately realizes its ambitions for virtual spaces and digital art collectorship.
South Korea is a dominant force in the consumer electronics market, and LG is not the only player eyeing the digital assets sector. Rival company Samsung announced its intentions just last year to establish an NFT marketplace through a partnership with Nifty. This mounting competition could result in an exciting game of one-upmanship, inspiring innovation and driving growth in the space.
There are undoubtedly promising aspects to LG’s latest patent filing, and the idea of an all-in-one solution for interacting with the NFT market from a television is intriguing. However, skeptics might argue that the current state of the metaverse and NFT space is still uncertain, and a potential cooling-off period could impact LG’s vision.
The future may be unclear, but LG’s continued confidence and dedication to the development of NFT technologies and the metaverse serve as a testament to the potential impact of these digital spaces. As companies like LG and Samsung compete to secure a foothold in this rapidly evolving market, time will tell if these efforts come to fruition – and if the metaverse will ultimately deliver on its promises.
Source: Decrypt
