Electronics manufacturer LG is on the prowl for a patent for a TV that allows its users to trade NFTs.
The tech giant filed for a patent with the World Intellectual Property Organization (WIPO). The television will connect to an NFT market server, collect, and display a prototype of the artwork. The device will also be able to execute transactions with its user’s crypto wallet, which will be linked to the TV. Users can enjoy these features from the comfort of their living rooms!
The search for a patent indicates that LG is aware of the massive potential NFTs have in the future. It also shows that the South Korean firm intends to create a business model around them by making them more accessible.
LG is not the only electronics company that recognises what the future holds for NFTs. Last year January, its rival, Samsung, launched an NFT marketplace on three TVs in collaboration with Nifty Gateway.
A month before that, the global electronics firm invested $35 million to support its projects in the metaverse. These projects were Samsung’s House of SAM in Decentraland, Smart City in Fortnite, and Space Tycoon in Roblox.
LG Electronics Resumes Its Plans For The Metaverse
In 2020, LG Electronics collaborated with Hedera Hashgraph, a distributed ledger firm that has worked with Google, Ubisoft, and IBM. Since then, LG has been a node operator on the Hedera Network, often regarded as a substitute for blockchains.
In September 2022, the firm introduced NFTs to its televisions with the launch of the Art Lab marketplace. The NFT marketplace allowed users to trade these digital assets on American LG TVs using the firm’s webOS 5.0 operating software.
Earlier this year, the electronics giant further increased its efforts with the metaverse by releasing the Blade Wallet. Customers of LG Art Labs can use the digital wallet to carry out transactions on the NFT marketplace.
Moreover, LG has collaborated with Oorbit and Pixelynx to bring the metaverse to its Smart TVs. With the two cloud-based technology platforms, LG was able to merge interoperable social and gaming experiences on its Smart TVs.
The company also partnered with the popular sculptor Barry X Ball to launch NFTs at Frieze LA 2023. Each of these NFTs was created on the Hedera network.
As you can understand from the above examples, LG is considering the importance and value of cryptocurrencies, NFTs, and the metaverse.