LG is bringing non-fungible tokens (NFTs) to its TVs just months after Samsung announced the same. LG Art Lab, the company's new NFT marketplace, allows you to "buy, sell, and enjoy high-quality digital artwork" from your TV.
For the time being, only users in the United States with an LG TV running webOS 5.0 or later can access the app, which can be downloaded from the TV's home screen. You can use the portal to buy and sell digital works made available by LG's NFT drops. The first of these drops is scheduled for September 22nd and will include a set of metallic-looking NFTs by sculptor Barry X Ball.
I downloaded and tried out the app for myself because I happen to own a compatible LG TV... and there's not much going on there yet. The app is mostly empty, and there aren't any NFTs available for purchase right now (unless you want to watch a video of Barry X Ball's upcoming NFT on loop, which I did while writing this article).
However, once an NFT is available for purchase on the platform, LG claims you can scan the QR code that appears on the screen and then open the Wallypto app on your phone to complete the transaction. You must first purchase USD Coin (USDC), a stablecoin that is supposed to be pegged to the US dollar (and managed to maintain that peg when other stablecoins crashed).
LG's NFT platform is based on Hedera, which bills itself as the "most widely used, long-lasting enterprise public ledger for the decentralised economy." Unlike the Ethereum or Solana networks that many popular NFT marketplaces support, the Hedera network does not use the blockchain; instead, it employs a blockchain alternative known as hashgraph. LG is just one of several corporations that serve as governing members of the Hedera network, with supporters claiming the system is faster and more efficient than blockchain transactions.
LG says it will continue to add NFTs from artists on a "monthly basis," and that you will be able to view any NFTs you purchase through the LG Art Lab app. Like Samsung with its NFTs on TVs, LG appears to be hoping that users will display the NFTs on their TV when it's not in use (which sounds like a few extra dollars on my energy bill that I'd rather not spend).