HomeTechnology & InnovationLG introduces new upgrades to its NFT marketplace
By Economy Middle East
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January 6, 2023 10:51 am

LG introduces new upgrades to its NFT marketplace

By offering simple and secure purchasing of NFT with Blade Wallet
LG NFT
LG TVs (Photo credit: LG electronics)

LG has implemented the latest upgrades to its NFT marketplace, LG Art Lab.

The LG Art Lab team has collaborated with enterprise Web3 solution providers, Blade Labs, to introduce simple and secure purchasing of NFTs. Users can now purchase NFT art via LG Art Lab on LG Smart TVs with Blade Wallet.

Blade Labs says that its flagship product, Blade Wallet, is a fully audited, self-custody, enterprise-grade Web3 wallet responsible for the creation of over 40% of all new accounts on Hedera.

Read more: Metaverse projected to add $15 bn to GCC economies annually

In championing artist rights, the LG team has also introduced mutually agreed royalties to the NFTs available through its marketplace. Artists will automatically receive royalties every time their work is sold and re-sold, without any requirement of additional intervention.

Launched in September, LG Art Lab is built on the Hedera network and each transaction on Hedera costs less than $0.0001 with no hidden costs. The partnership between LG and Hedera began in 2020 when LG joined the Hedera governing council which includes Google, IBM, Deutsche Telekom, and others.

LG has been making strides in its push into NFT and the metaverse in the past two years, beginning with Art Basel Miami 2021, when Christie’s collaborated with LG Electronics to install an array of LG OLED displays for celebrated NFT artists to showcase their works.

Metaverse platform Oorbit has also announced a partnership with LG Electronics to bring metaverse experiences to LG Smart TVs.

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