LG televisions owners in the US can now buy, sell and display NFTs on supported sets with the launch of LG Art Lab, although the service comes with a major caveat.
The Korean electronics multinational has chosen Hedera as the exclusive partner in the integration, a blockchain with limited support among the NFT community.
By was of comparison, Hedera’s primary NFT marketplace Hash Axis handled less than US$37,000 of NFT transactions in the past 30 days, compared to US$465mln on the Ethereum-based OpenSea marketplace (Source: DappRadar).
The decision to go with Hedera means that LG Art Lab users will be unable to showcase leading collections like CryptoPunks, Bored Apes and Hoodles.
That LG chose the lesser known Hedera network to partner with comes as no surprise; the KRX 100-quoted conglomerate has been on the Hedera Governing Council since 2020.
Despite Hedera’s relative obscurity in the NFT scene, the blockchain comes with a few advantages, namely cheap and fast fees and environmentally friendly credentials.
As part of the launch, LG Art Labs welcomed the first-ever digital artworks from well-known American sculptor Barry X Ball.
Samsung (LON:0593xq) beat LG to the punch with the launch of its own NFT platform in March via a partnership with Nifty Gateway.