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LG has implemented NFT technology in its smart TVs

LG has announced the launch of non-interchangeable token technology (NFT) for its smart TVs. On the LG Art Lab platform, owners will be able to "buy, sell and enjoy high-quality digital artwork" with their TV.

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Only U.S. owners of LG TVs running webOS 5.0 or later can access the app for now. The first release of NFT is due Sept. 22. It will include a set of tokens from sculptor Barry X Ball.

According to LG, the user will be able to scan the QR code that appears on the screen and then open the Wallypto app on their phone to complete the NFT purchase transaction. However, a USD Coin (USDC), a Stablecoin that must be pegged to the U.S. dollar, must first be purchased.

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LG's NFT platform is built on Hedera, which bills itself as "the most commonly used, sustainable corporate public ledger for the decentralized economy." Unlike the Ethereum or Solana networks, which support many popular NFT trading platforms, the Hedera network does not run on a blockchain - it uses an alternative in the form of a hashgraph. LG is only one of several corporations that are managing members of the Hedera network.

Earlier, Samsung introduced a similar option for its smart TVs. The company announced a partnership with the NFT Nifty Gateway auction site. NFT became available to owners of 2022 premium TV lines such as QLED and Neo QLED TVs.

In June, global NFT sales were below $1 billion for the first time in 12 months. In the world's largest NFT OpenSea market, sales have dropped 75% since May.

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