LG Electronics seeks patent for TV with built-in NFT trading capabilities – how does it work?
LG Electronics’ application for a blockchain-based smart TV was recent published by the World Intellectual Property Organization (WIPO).
In particular, the company applied for the patent in November 2021. But WIPO’s documentation imposes an 18-month waiting period before such publications, suggesting that the process has been ongoing.
Now LG is awaiting the next steps which involve a thorough examination of the invention to grant or reject the patent.
LG aims to facilitate NFT trading on smart TVs
The sole aim of the latest invention is to support NFT trading on LG’s smart TVs. Users can connect their crypto wallet and an NFT market server to trade non-fungible tokens.
After making the connections, a QR code on the screen will direct the transaction through a crypto wallet.
LG launched an NFT platform in September 2022 before this technology was launched. The South Korean firm launched the NFT platform “LG Art Lab Marketplace” on the Hedera blockchain.
With the launch, smart TVs running webOS 5.0 and newer systems could seamlessly switch digital artwork on the big screens.
LG also has a crypto wallet, “Wallypto” that facilitates transactions on the NFT market. So the company already has the marketplace and a wallet.
But there has been no mention of whether the smart TVs will support other third-party apps or exclusively use Walltpto.
LG and other major technology companies are expanding the functionality of electronic devices
As the world becomes more digital, large technology companies are also following the trend with various products to improve user experiences.
In addition to the latest move to support NFT trading on its TV, LG and even Samsung have banked on trending Web 3, Crypto, Blockchain and Meterverse.
During its annual general meeting in 2022, LG announced plans to expand towards producing and selling software based on the blockchain.
It also mentioned diversification into the sale and brokerage of crypto assets leading to speculation that LG may one day launch its crypto exchange.
While a company spokesperson dispelled the speculation last year, stating that “nothing has been decided yet, LG has made some notable moves to expand its interest in NFT integration.
In January, LG partnered with cloud-based technology platforms Pixelynx and Oorbit to integrate the metaverse on smart TVs.
Oorbit also announced the partnership on Twitter, stating that it aims to bring “interoperable virtual worlds to LG TVs.”
This integration will enable LG TV users to enjoy more AI-powered multiplayer games and concerts on their TV screens.
Earlier in March 2022, LG partnered with an NFT-focused company Seoul Auction Blue to conduct NFT-based art projects.
Samsung is another South Korean tech company making notable moves towards NFT and the metaverse. In 2021, the company announced the integration of an NFT platform into the TVs, including QLED, Micro LED and The Frame.
Samsung also has a venture capital arm,”Samsung Next,” which invests in non-fungible tokens and metaverse.
It launched a metaverse store in Decentraland in January 2022 to replicate a real-life store at 837 Washington St., New York City’s Meatpacking District.