LG Electronics has recently filed a patent for its Smart TV, incorporating blockchain technology to enable users to trade NFTs. The patent application was published on May 11 in the WIPO’s global database for intellectual property. Typically, patent applications release 18 months after the filing date or priority filing. In this case, LG’s application was filed in November 2021.
LG’s NFT Patents: Bringing Web3 to Your TV Screens!
The patent outlines LG’s technology that allows devices to connect with a cryptocurrency wallet and NFT market servers to facilitate transactions. When the device is connected to an NFT market server, onscreen QR codes are displayed. This allows users to complete transactions through their cryptocurrency wallets.
This new NFT platform from LG follows the release of its LG Art Lab Marketplace in September 2021. This marketplace is on the Hedera network. The marketplace enables the trading of digital artworks using webOS 5.0 or later versions. Further, the LG Art Lab Marketplace allows users to buy and sell high-quality digital artwork directly from the Smart TV home screen. The platform also features “LG Art Lab Drops,” which profile artists and offer previews of upcoming works. LG are yet to confirm if the Smart TV supports other wallet apps apart from its own smartphone crypto wallet, Wallypto. This wallet is also utilized on the Art Lab Marketplace.
LG has been actively incorporating Web3 solutions into its devices. In January 2022, the company formed partnerships with technology platforms Oorbit and Pixelynx to bring the metaverse experience to its TV users. This collaboration allows LG customers to explore virtual worlds and attend virtual concerts through their TVs. Prior to this patent application, LG had already launched its “LG Art Lab Marketplace” NFT platform in September 2022, operating on the Hedera network.
LG & Oorbit Partner For the Future Of the Blockchain
Oorbit expressed excitement about the partnership on Twitter. They highlight the goal of simplifying consumer interactions in the metaverse and bringing the metaverse closer to people through LG TVs. LG had already expanded its business development goals to include crypto and blockchain-based software development. LG also disclosed plans to develop and sell blockchain-based software and engage in cryptocurrency selling and brokerage.
There are also speculations about LG potentially launching a crypto exchange. The company’s spokesperson states that no decision is final yet. Although they confirm LG’s intentions to expand into these areas. Samsung is another major player in the NFT and metaverse sectors. Samsung has also entered the market through its venture capital arm, Samsung Next. In early 2022, Samsung announced that its new smart TV product lineup. This includes Micro LED, The Frame, and QLED, which features an NFT marketplace.