South Korea’s LG Electronics Files For NFT-Trading TV Patent

A recent report published on WIPO’s global database for intellectual property disclosed LG Electronics’ application to acquire an NFT trading patent for its Smart TV. 

Notably, the WIPO guide states that a filing application can only be published after 18 months. As such, the South Korean tech company filed for the patent in November 2021. Now LG is awaiting the remaining steps to grant or deny the patent. 

The LG technology will enable users to connect their crypto wallet and an NFT market server for trading. 

After connecting to the NFT server, users will see an onscreen QR code to enable them to transact through their crypto wallet.

Before this patent application, LG launched an NFT platform, “LG Art Lab marketplace,” in September 2022.  

The platform launched on the Hedera network which allows all smart televisions running webOS 5.0 or the later versions to trade digital arts. 

Users can buy and sell high-quality digital artwork on the Smart TV home screen. Also, the platform features “LG Art Lab Drops” to profile artists and preview new works intending to launch. 

For now, the company hasn’t said whether the Smart TV will accommodate other wallet apps besides LG’s smartphone crypto wallet, Wallypto, which is also used on the Art Lab Marketplace. 

Besides the recent technology to support NFT trading on Smart television, LG plans to integrate other solutions on its devices. 

The company partnered with cloud-based tech platforms, Oorbit and Pixelynx, to integrate Metaverse on big screens. Oorbit announced on Twitter, proclaiming its excitement about the partnership. 

According to the reports, the partnership aims to bring “interoperable virtual worlds to LG TVs.” The partners will simplify the way consumers interact in the metaverse, ensuring immersive gaming and experiences in the virtual world. 

Oorbit stated that scaling its technology for the millions of customers who use LG TVs is a great way to bring the metaverse closer to the people.

Before the partnership, LG had expanded its business development goals to include crypto and blockchain-based software development.

LG disclosed two plans based on the report during last year’s annual general meeting. The first objective is to develop and sell blockchain-based software, while the second is to sell and brokerage cryptocurrency. 

There were hints and speculations that LG might launch a crypto exchange. But its spokesperson stated that the company hasn’t decided but just revealed its plans to branch out.

Apart from LG Electronics, Samsung has also become a big player in the NFT and Metaverse sectors through its venture capital arm, Samsung Next. 

The electronics giant announced in early 2022 that its new smart TV product lineup, including Micro LED, The Frame, and QLED, will have an NFT marketplace.

-Featured Image Source: Pexels, Chart: TradingView