LG Launches NFT Platform With Hedera Blockchain

South Korea-based digital manufacturer LG Electronics has launched a new NFT platform in collaboration with Hedera blockchain.


The platform LG Art Lab will allow users to buy, sell and put up digital art or non-fungible tokens (NFTs) on their television sets, the company announced.

While Swiss-based Tag Heuer became the first watchmaker in June to announce a tool to allow watch owners to display NFTs on their smartwatches, the Seoul-based television company has become another top company to add value to the NFT space with this new mew move.

The company also announced that LG Art Lab is available on television webOS 5.0 or later in the US.

The platform also allows users to preview the profile of artists and their upcoming work, along with a countdown to their upcoming NFT releases. Its marketplace provides a venue for trading pieces.


The Hedera network supports LG Art Lab, and the transactions will run through Wallypto – an LG-patented crypto wallet for smartphones.

According to a report from Blockchain.News, LG Electronics is launching Wallypto as a part of plans to expand its business scope to include platforms and software.

Wallypto will help the tech giant enter the blockchain or NFT market in earnest.

Per the announcement, “it is also expected to actively create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.” 

Christian Hasker, CMO of Swirlds Labs, the Hedera developer, said in a statement that the announcement will bring NFTs “beyond being computer-based collectables and toward becoming a piece of art displayed as any other artwork would be within the home of its owner.”

Earlier this year, LG made it clear that it was eyeing an expansion drive beyond home appliances to include blockchain, cryptocurrency, and medical devices as new sectors in its corporate charter.

During the company’s Annual General Meeting (AGM) held in March, shareholders approved these changes so that its new objectives would entail the brokerage and sale of cryptocurrencies and the development and sale of blockchain-based software, Blockchain.News reported.

LG has also partnered with the Kakao Ground X blockchain platform and launched smart TVs with an NFT option in February this year. 

Image source: Shutterstock


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SK Square Earmarks $1.6b to Invest in New Tech Including Blockchain

SK Square, the largest shareholder of South Korean chipmaker SK Hynix, is reportedly earmarking the sum of 2 trillion won ($1.63 billion) to invest in new technologies, including chips and blockchain.


Per a Reuters report, the investment will feature a number of targeted partnerships with both domestic and foreign investors alike.

“We are considering investments in companies ranging from those that are big in scale to those that are small,” Co-CEO of SK Hynix Park Jung-ho, who is also CEO of SK Square, said in its annual shareholder’s meeting.

SK Square currently controls about a 20.1% share of SK Hynix, a company that has made its mark in the semiconductor space. There was not much detail revealed about the proposed investment in the blockchain space. However, the Korean Herald reported that SK Square is planning to launch its own digital token as contained in a whitepaper detailing the properties of the new coin. The scheduled timeline for the issuance of the whitepaper is expected to launch in the first half of the year, while the coin will be officially launched by the end of the third quarter.

The report has it that the new project will form the building blocks of a new blockchain-based economic system across SK Telecom’s metaverse platform and other SK Square affiliates’ internet service.

“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho added.

It is not uncommon to find a related move by a mainstream technology company diving into the blockchain world. From Samsung to Nvidia and LG Electronics, the number has continued to increase as these tech firms are creating their own pathways through NFTs, metaverse, and other related moves. SK Square will rank as one of the big players from South Korea to join the train.

Image source: Shutterstock


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