Quick take:
- LG has filed a patent application for a TV that lets users trade non-fungible tokens.
- The patent is a continuation of the company’s growing presence in web3.
- LG first made its foray into NFTs with the launch of Art Lab Marketplace last September.
LG Electronics has filed a patent application for a technology stack that allows users to trade non-fungible tokens (NFTs) on TV. The patent is an indication of the Korean tech giant’s perception of the long-term future of NFTs.
This is not LG’s first foray into NFTs or web3. In September 2022, the company launched an integrated NFT marketplace accessible through its TVs. The LG Art Lab has been accessible through LG smart TVs for the past eight months and allows users to view, buy and sell NFT art through the TV screen.
Earlier this year, the electronics giant collaborated with web3 solutions developer Blade Labs to make it easier for users to buy NFTs. Blade Labs offers Blade Wallet, a fully audited, self-custody, enterprise-grade Web3 wallet.
LG also announced a partnership with Oorbit in January 2023, in a collaboration that will see the two companies offer metaverse games through LG TVs.
Now, the company is diving deeper into the world of NFTs with a device that connects to the NFT market server, displays listed NFTs and allows traders to trade after connecting their cryptocurrency wallets to the TV.
According to the filing published on Thursday, LG describes the system as comprised of “an output unit including a display unit and a sound output unit; a communication unit for establishing a communication connection with an NFT market server; memory including a cryptocurrency wallet; and a control unit which accesses the NFT market server on the basis of key information stored in the cryptocurrency wallet.”
LG has been one of the leading tech companies to embrace blockchain technology. In 2020, the company joined Hedera Network, becoming a node operator on the platform.
Other tech giants that are now part of the thirty-nine node operators on the Hadera Network include Google Cloud and IBM.
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