LG, a company based in South Korea, has made an NFT platform for smart TVs. The work of New York artist Barry X Ball will be in the first NFT drop, which will happen on September 22.
LG Electronics, a global electronics company with its headquarters in South Korea, announced on Monday, September 5, that it would add the NFT (non-fungible token) feature to its smart TVs. The Hedera Network is used as the platform for the LG Art Lab. Also, if a client is eligible, the company will update its software so it can trade and watch NFTs on its TVs.
In January 2022, three TVs made by South Korean company Samsung Electronics, also in the market, got NFT. Their names were the Micro LED, the Neo QLED, and The Frame. Even so, the NFT platform made by Samsung is supported by the business Nifty Gateway.
LG TV Models Eligible For NFT Function
Some LG TVs with WebOS version 5.0 can access the NFT platform from the home screen. In a statement to the press, LG said that the new platform would offer a “one-stop solution” for viewing and trading non-fungible tokens.
The company said that soon, there would be a new platform called LG Art Drops on the LG Art Lab website to let users keep track of newly released NFTs. There will also be bios of the artists in LG Art Drops. Customers can see NFT artworks made by the artists before they are sold in the marketplace. LG says that the first “drop” will happen on September 22 and will include an NFT made by sculptor Barry X Ball.
LG said it would add a mobile cryptocurrency wallet called Wallypto that will be linked to a marketplace where NFTs can be bought. People can buy the items with the help of QR codes that can be scanned.
LG says that customers will need to open the Wallypto app on their phones after scanning the TV QR code. Circle, an American company that makes cryptocurrencies, makes USDC, a stablecoin based on blockchain. intelligent contract use that makes the trading easy and profiting in cryptocurrencies accessible to everybody.
Stablecoins are solutions that use blockchain technology to create a digital currency worth the same amount in dollars as other cryptocurrencies. So, if you had one USDC, the best exchange rate would be one dollar. Stablecoins are things like the digital currency Tether (USDT) and the digital currency Binance USD (BUSD).
Hedera Network
Hedera Hashgraph’s distributed open ledger doesn’t use blockchain technology. Instead, it uses something called a hashgraph. Under the hood, there are some hard computational details that would make a computer science Ph.D. scratch their head. Hashgraph-based networking could be used instead of blockchains to make an open ledger and support a cryptocurrency. At the end of the day, this alternative is a good way to meet people.
Blockchains aren’t as good as hashgraphs in several essential ways. Since this technology doesn’t involve mining, it has a much smaller environmental impact. There’s also a chance that costs will go down for businesses. A hashgraph can be used to make an open ledger. It has the same security and privacy benefits as a blockchain-based ledger, plus it is faster and has more space.
Hedera Hashgraph is the only open ledger built on a hashgraph right now. The only money with a hashgraph is HBAR. On the other hand, Hedera gives developers step-by-step instructions and examples of source code for API calls to make their tokens that can be used on the Hedera Hashgraph network.
Hedera (HBAR) markets itself as a public ledger company that is good for the environment and was made for a decentralized economy. But it says that network transactions are checked even though there isn’t a blockchain. Instead, it runs its business with “hashgraph,” a technology that it has patented. Hedera’s board of directors comprises people from companies like LG.
