LG Launches NFT Art Lab on Richardson-Based Hedera Network » Dallas Innovates
LG wants to show off something beautiful on its #1-rated TVs, not just “House of the Dragon” or “The Lord of the Rings: The Rings of Power.” So they launched their own NFT platform, LG Art Lab, based on the Hedera network created right here in North Texas.
LG’s new platform is designed to be a “one-stop solution for viewing and trading NFTs at home,” the company said. It includes the LG Art Lab Drops feature, offering artist profiles and previews of new works planned for the platform. A real-time Live Drops countdown timer (as seen in the image in the photo above) lets users know how long an NFT will be live on the platform.
The platform makes buying and selling NFTs “as easy as possible,” says LG, “by incorporating on-screen QR codes that allow users to quickly transact through Wallypto: the crypto wallet -company currency for smartphones”.
Once purchased, an NFT artwork like the one seen above, by American sculptor Barry X Ball, can be traded on the LG Art Lab Marketplace. When displayed on the company’s TVs, NFT artwork “comes alive and kicking,” LG says, especially on their high-end OLED models.
Barry X Ball’s “Metal” series of digital works will begin dropping on the LG Art Lab in the coming weeks, with his “Stone” series – as well as works by other artists – being added monthly.
The platform is already available in the US on LG TVs running webOS 5.0 or later.
“Displayed like any other artwork would be” in the owner’s home
Christian Hasker, CMO of Swirlds Labs, the team behind the Hedera Network, says LG’s NFT platform makes perfect sense in giving NFT artwork a natural “home” in their owners’ homes. .
“Users will be able to purchase, access and display token artwork by their favorite artists on their LG TVs, which will take NFTs beyond being computer collectibles and becoming a work of art displayed as any other artwork would be in its owner’s home,” Hasker said.
“Access to sustainable NFT artwork in millions of living rooms”
Hasker notes that Hedera’s board is “made up of some of the most innovative companies in the world, from a wide range of industries and geographies.”
“Today’s announcement by LG is an impressive milestone for board member adoption, with LG providing access to enduring NFT artwork in millions of living rooms across the United States,” Hasker added. .
Hedera network: from cryptography to games, drones, etc.
The Hedera Network, a fully open-source public distributed ledger for cryptocurrencies, NFTs, and other technologies—recently made other news by considering “next-gen gaming” as part of a partnership with Ubisoft and helping boost long-range drone safety in a trial based in England and Scotland.
Last December, its Hedera Token service and Hedera Consensus service were used by Shinhan Bank, South Korea’s second-largest bank, to test the issuance and distribution of stablecoins in a financial use case that features usually several weak points.
Other recent Hedera use cases include DLA Piper using Hedera for asset tokenization and ServiceNow using Hedera in its Now Platform to bring distributed ledger technology to the enterprise at scale.
Why LG chose Hedera
Chris Jo, senior vice president and head of platform business at LG Electronics, says “sustainability” is one of the main reasons LG chose the Hedera network.
“The Hedera network consumes significantly less power than any other public ledger, making it the ideal choice for sustainable initiatives,” Jo said. “Built on Hedera, the LG Art Lab is a truly sustainable, carbon-negative platform. Users can buy, sell, and view NFTs on the Hedera network without worrying about the high power consumption associated with other public networks. .
Another reason: Hedera’s “low and predictable costs”.
“Unlike many other decentralized networks, Hedera guarantees low and predictable fees for users,” Jos said. “With no high gas fees or hidden costs, Hedera allows users to trade for less than $0.0001c per trade. This means there are no hidden or changing costs associated with the platform. NFT form.
Short films will show the artists at work
LG says its platform will complement artwork descriptions with short films that “illuminate artists’ creative processes”. Users will have the opportunity to meet some of the artists at upcoming LG-sponsored art events, the company added.
Subscribe to the list.
Dallas innovates, every day.
Sign up to keep an eye on what’s new and coming to Dallas-Fort Worth, every day.