LG floats its NFT marketplace

TL;DR Breakdown
  • LG announces its NFT marketplace
  • The marketplace will run on Hedera
  • Users will use the Wallypto wallet

LG, an electronics company headquartered in South Korea, has announced the launch of its NFT marketplace. According to the official statement from the company, the NFT platform has gone live, and users with supported LG TVs can access it subsequently. In the statement, the company noted that only TVs that run on WebOS 5.0 and above will be supported for now. The NFT marketplace affords users with the supported TVs to carry out all activities that can be carried out on a standard NFT marketplace.

The marketplace will run on the Hedera blockchain

The new update allows users to trade, buy and sell varieties of NFTs across the marketplace without leaving their homes. NFTs have been a sensation in the market over the last few months, with more people entering the market. They have unique objects and are the digital representation of precious real-life artifacts.

A typical example is an actual life artwork or object which is non-fungible but has been converted to a digital form, usually for sale. The transactions carried out in the marketplace will be overseen by Wallypto, an in-built wallet made by Hedera last year. Hedera runs on a blockchain which is known as Hashgraph. Some of the features of this blockchain include speed, functionality, and smart contracts, among others.

LG announces Wallypto as the in-app wallet

Last month, LG recently applied to the authorities to register Wallypto as a patent. Hedera’s first collaboration with LG was in 2020 after the electronics company was one of the few companies on the blockchains council. The electronics company is not the first from the region to show a keen interest in NFT by floating a marketplace. Some months ago, Samsung rolled out its marketplace after it sealed a deal with Nifty, a known marketplace in the crypto market.

The marketplace afforded traders the same features as an everyday NFT platform, although they would have to do it with their TVs. Samsung provided support for its NFTs on the latest variants of its TVs, the 2022 models of its smart TVs. With more competition in the sector, more people are entering the NFT scene, which seems like it’s not dwindling soon.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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