The starting of the crypto ecosystem, back in 2009, when Satoshi Nakamoto introduced Bitcoin to the world, opened many doors for revamped financial applications. Along with the most talked about technology since the Internet, Blockchain Technology. The joint venture by blockchain and crypto led to the introduction of Smart Contracts; provided by the Ethereum asset. Following this came NFTs. From creating opportunities for digital creators to collaborations with global artists; the NFT space has been an instant liking for many.
LG Electronics, a Kora based consumer electronics company is taking NFTs to TV screens. The LG company has recently announced the release of their non-fungible token (NFT) marketplace. The marketplace will be called LG Art Lab. The NFT marketplace will be plugged into the Hedera Network, which LG supports.
LG TV owners with sets updated to the most recent software from LG will be able to buy, sell and showcase their Hedera NFTs right from their screens.
The announcement of LG diving into the NFT space is not the first; back in January 2022 Samsung, one of the biggest electronics company of Korea talked about the release of an NFT marketplace on three of its TVs, all of which is supported by Nifty Gateway.
According to the CoinDesk report; the LG Art Lab will only be available on LG TVs. By incorporating Wallypto, users can purchase assets by scanning a QR code to connect their wallets.
Wallypto LG’s mobile crypto wallet.
As stated by Chris Jo, the Senior Vice President, and Head of Platform Business at LG, the platform; LG Art Lab; aims to make NFTs accessible for any users who is looking to step into the NFT space.
However, the choice of Hedera as the Blockchain for its NFT venture is not an obvious one; since users mostly incorporate Ethereum blockchain for an NFT integration. Continuing the thought, as shown by the data from the past 30 days, Hedera NFT marketplace Hash Axis’ $36,000 trading volume is less in comparison to Ethereum’s $330 million trading volume on OpenSea.
But it makes more sense for LG as it has been a part of Hedera’s Governing Council since 2020.
As shared with CoinDesk by Shayne Higdon, CEO of the HBAR foundation (an organization that supports developers on the Hedera network) that Hedera’s energy-efficient consensus mechanism makes it an ideal blockchain for cheap, low carbon footprint NFT transfers. Still, other networks are catching up; market leader Ethereum is moving to proof of stake this month.
NFT is an acronym for the non-fungible token – is a term that has two parts to it. The first, tokens – tokens or crypto is essentially a unit in a blockchain network that can be used to transfer value, eg. Bitcoin. A token by itself is fungible – meaning if you trade in a Bitcoin for someone else’s Bitcoin – you essentially have the same thing. Hence, each Bitcoin constitutes exactly the same value.
To describe in simple words, a Non-Fungible token is a kind of digital token that represents the real world or the virtual world. One can buy, sell, trade, or collect NFTs within the special trading platform called the NFT Marketplace.
Further, to list your NFT you have to pay a one-time initialization fee and also provide Opensea access to your NFT. Once you upload your digital signature, Opensea will publish your NFT onto its platform.
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