LG has finally hopped in the Non-Fungible Token (NFT) trend after announcing that its users may soon buy tokens easily on their Smart TVs with webOS 5.0 through the LG Art Lab.
Buying NFTs Will Soon Become a Feature in LG's Smart TVs
The South Korean electronics brand, LG, is now jumping on the hype as it recently announced that it would make the purchases of NFTs available through its Smart television.
This came after Samsung has paired up with Nifty Gateway, an NFT auction platform, to make NFT accessible on its televisions, as reported by The Verge. In line with this, Engadget notes that LG's decision is not surprising after being notorious for riding on bandwagons.
If they have webOS 5.0, LG TV owners in the US may visit LG Art lab, a marketplace for NFTs, on the LG TV's home screen. This capability utilizes LG's Wallypto mobile wallet and is built on the Hedera Network.
LG asserts that once an NFT is made accessible on the platform, users will be able to scan the QR code and use the Wallypto app to complete the transaction. In doing so, they would be required to utilize the USD Coin, a stablecoin that is pegged to the value of the US dollar.
Users of the LG Art Lab app will be able to see the weekly additions of NFTs made by artists. It's probable that the corporation, like Samsung, believes that consumers would continue to watch NFTs on their TVs even when they aren't using them, which would escalate their energy costs.
However, considering the amount of trades on OpenSea, it seems that the general public is no longer interested in non-fungible tokens. After reaching a record high of $405.75 million in May, the amount of NFT processing done by the market in August dropped to barely $5 million.
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Samsung Announced Collaborated With Nifty Gateway to Make NFT Accessible on Its Television Units
On March 21, The Verge published a report that Samsung had made a decision to work with Nifty Gateway after it declared its intention to showcase NFT at CES in January.
By using the custodial wallet technology that Nifty Gateway employs to safeguard its client's assets, the platform will work with Samsung to simplify the process of viewing, purchasing, and trading NFT. Users will have the option of purchasing NFTs using a credit card, debit card, or cryptocurrency.
Griffin Cock Foster, one of Nifty Gateway's founders, told Decrypt, "Through our partnership with Samsung, one of the global leaders of electronics, together we will expose millions of mainstream users to NFTs."
The Nifty Gateway NFT platform is going to be included in Samsung's premium QLED and Neo QLED TV lines. An app from Nifty will be available for download for those who possess Samsung's The Frame or Micro LED sets.
The inclusion of the Nifty Gateway into Samsung's Smart Hub will make it feasible to present NFTs as pieces of ambient art. After turning off, their television would enter the Ambient Mode and start showing pictures from a gallery they had chosen. With the help of Winklevoss' Nifty Gateway, users can add NFTs to the gallery.
Nifty Gateway was launched in 2018 by Griffin and Duncan Cock Foster, and the following year, Gemini eventually purchased the business. In May 2021, the amount of activity that took place on the platform significantly decreased when the total amount of its NFT trading surpassed $300 million.
