LG patent details plans for TVs that enable users to trade NFTs

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(Kitco News) – LG Global, the South Korean consumer technology giant, has become the latest company to promote the integration of blockchain technology into its hardware, according to a recent patent the company filed with the World Intellectual Property Organization (WIPO).

According to the papers, LG is seeking patent protection for a TV capable of connecting to a non-fungible token (NFT) market server to allow users to send, receive and display artwork and make purchases via a cryptocurrency wallet connected to the TV – the device.

This latest patent application suggests that LG sees an ongoing demand for NFTs in the future and sees a business case for making them more widely available.

LG first delved into the integration of NFTs with its TVs last September when it launched the “LG Art Lab” marketplace, which enabled users to shop for digital collectibles via US LG TVs running their WebOS 5.0 operating system. The marketplace is only available via LG TVs.

Plans for LG Art Lab were likely in the works for years as LG has served as the node operator for the Hedera Network, where LG Art Labs is hosted, since 2020.

Then in January, the electronics maker doubled down on its metaverse ambitions with the launch of the Blade Wallet, which is able to communicate with LG Art Labs to enable NFT trading.

LG is not alone in its efforts to integrate NFTs with TVs, as competitor Samsung has also incorporated the technology into its devices via the Samsung NFT platform, which is available thanks to a partnership with Nifty Gateway.

NFTs have been one of the most popular sectors of the cryptocurrency market for the past two years, but have gone through a significant “cooling off” period of late, with interest hampered by the ongoing struggles in the broader cryptocurrency market.

The recent release of Ordinals, which are essentially NFTs on the Bitcoin network, has sparked a revival in the sector, but the resulting increase in transaction costs has reminded investors of the dangers that come with active NFT markets.

Ethereum has also seen an increase in transaction costs recently, partly due to demand for NFT project Milady, which saw its fundraising floor price increase on Wednesday after Twitter CEO Elon Musk tweeted a meme made with images from the Milady NFT collection.

Data provided by Dune Analytics shows that while 2023 has seen a resurgence in the volume of trades taking place in NFT marketplaces compared to 2022, NFT trading activity remains well below the peaks seen during the 2021 bull market.

Weekly NFT trading volume. Source: Dune Analytics

That said, interest in the various aspects of the NFT market remains high, and there are several applications for NFT technology yet to be implemented across multiple verticals, from investment to asset management.

As noted in the latest edition of ‘Disruptive Technology Views’ by Sandy Kaul, Head of Digital Asset and Advisory Services at Franklin Templeton, “Web3 technologies are likely to change the nature of both investment and commerce, causing an unprecedented blurring of the boundaries between these the chores.”

“Token-based experiential transactions represent a new type of asset that will require active selection and governance,” Kaul wrote. “This will require new types of pricing models and portfolio construction and management tools to optimize the use of such assets.”