LG files a patent for a TV that allows users to trade Non-Fungible Tokens

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LG Electronics, a South Korean technology company, has filed a patent for its blockchain-based smart TV, which allows users to trade non-fungible tokens (NFTs). The information was published on WIPO’s global database for intellectual property on May 11th, 18 months after LG filed its application. According to the documentation, the technology connects devices to a crypto wallet and an NFT market server to enable transactions. When connected to an NFT market server, the device displays onscreen QR codes that allow users to complete transactions via a cryptocurrency wallet.

LG’s NFT platform, the LG Art Lab Marketplace, based on the Hedera network, was released last September. It enables TVs running webOS 5.0 or later versions to trade digital artworks. It is unclear if the TV will integrate with different wallets or be restricted to LG’s Wallypto, the company’s smartphone crypto wallet, which is also available on its Art Lab Marketplace.

LG is incorporating a range of Web3 solutions into its devices. The company established a collaboration with cloud-based technology platforms Oorbit and Pixelynx in January to bring the metaverse directly into users’ living rooms. Customers may now explore interconnected virtual worlds, concerts, and artificial intelligence multiplayer games on their LG TVs thanks to the collaboration.

LG’s competitor, Samsung, is also actively working to integrate Web3 into its products. Last year, the company announced a new smart TV lineup integrated with an NFT platform. Samsung is also investing in NFT and metaverse projects through its venture capital arm, Samsung Next.

LG Electronics’ patent application for its blockchain-based smart TV is a step towards mainstream adoption of cryptocurrencies and blockchain technology. The integration of NFTs with smart TVs will make it easier for users to buy, sell, and display their digital assets. LG’s move into the NFT market also highlights the growing interest in Web3 solutions and metaverse technology among tech giants.