LG to Create an NFT-Trading TV

Even though the non-fungible token (NFT) sales boom happened in 2021, in 2023 this topic is still at the center of attention. A recent development in this sphere is an NFT-trading TV. A patent from a large tech company from South Korea, LG, was published by the World Intellectual Property Organization (WIPO) in May 2023.

We continue to tell you about devices that try to adopt crypto and blockchain technology, and in our today’s article we will look into the TV innovation.

LG’s NFT-trading TV

According to the WIPO’s policy, the applications must wait for 18 months before they are published, meaning that LG’s NFT-trading TV was registered back in 2021.

The main idea is that currently users mostly store their digital art in their wallets, and sometimes have their pieces as profile pictures on social media. LG wants TV owners to have an opportunity to display the artwork on their screens.

The patent application does not provide clear information regarding whether users will have the flexibility to utilize any crypto wallet or if the TV will exclusively support LG's Wallypto, the company's smartphone crypto wallet.

The device’s design involves a front camera which is necessary for biometric authentication to access the wallet.

© WIPO

To complete NFT purchases, the TV shows a particular QR code. Then with the help of the TV's built-in camera users can scan the QR code and finalize the transaction. This functionality simplifies the purchasing process and eliminates the need for additional devices.

LG and the Crypto World

LG has been actively involved in various crypto-related endeavors. Notably, it holds a position on the board of the decentralized council responsible for governing the Hedera protocol.

In 2022, LG introduced its own NFT platform called LG Art Lab. It featured integration with their new TVs. LG Art Lab offered two significant functions: LG Art Lab Drops, which allowed users to explore artist profiles and get previews of upcoming works, and Live Drops countdown, which provided notifications about the latest NFT drops.

At the beginning of 2023, the tech giant announced its collaboration with Web3 companies Oorbit and Pixelynx to make Metaverse experiences accessible from LG TVs.

Samsung rivalry

Another big tech corporation from South Korea, Samsung, is just as active on the digital art scene. In March 2022, it partnered with an NFT marketplace called Nifty Gateway. They launched Samsung NFT Hub for TVs.

The platform works in a similar way to LG, the algorithm of purchasing includes scanning a QR code but it works through the Nifty Gateway TV app.

And in February 2023, Samsung Germany collaborated with the manufacturer of crypto hardware wallets Ledger. Together they made an NFT collection.

Conclusion

In conclusion, the non-fungible token (NFT) phenomenon continues to capture attention even in 2023, and LG's recent patent for an NFT-trading TV demonstrates the ongoing interest in this space. The developments by LG and Samsung show the increasing convergence of consumer electronics and blockchain technology, as major tech companies seek to cater to the growing interest in NFTs and provide innovative ways for users to engage with digital assets.

We invite you to continue reading, don't hesitate to check our article about crypto projects from Asia.