The leading consumer electronic company in South Korea LG has submitted a patent to the World Intellectual Property Organization (WIPO). The patent allows LG users to trade their nonfungible tokens (NFTs) on the TV set.
The team behind LG’s latest development confirmed that a new device would be integrated into the LG television, which will pair with available NFT market servers. The additional features on the platform consist of unique artworks and innovative technologies that will allow the users to buy NFTs using the crypto wallets connected to the TV.
Significance of LG Patent
Last year the tech company launched an NFT marketplace LG Art Labs, that enabled consumers to buy and sell their digital assets on the TV. The developers utilized the WebOS 5.0 operating system on the TV to allow users to trade their digital collectibles effortlessly.
In 2023 the LG company invested its resources to expand to the metaverse sector. The company developed a creative blade wallet attached to the LG Art Labs that fast-track NFT trading.
Additionally, to attain the LG crypto objective, the company sought a partnership with Hedera Hashgraph in late 2020. The partnership aimed at increasing the adoption of distributed ledger technology (DLT). Over the past, the Hedera platform has been working closely with industrial heavyweights such as Google, IBM, and Ubisoft to develop the DLT.
According to WIPO, the LG patent was submitted in November 2021, and was secured 18 months before the official publication. The patent will proceed to further regulatory assessment before the authority offers legal approval.
However, the patent has created mixed signals among the user since it’s still unclear whether the TV set will be compatible with different wallets. The market critics argued that to tech company will force the customers to use LG Wallypto available on the Art Lab Marketplace.
The LG moves aims at supporting the realization of the main objective of the Year of Metaverse. Following this, the tech company has invested heavily in developing cutting-edge solutions for Web3.
LG Explore Web3 and Metaverse
At the beginning of 2023, the tech company partnered with Oorbit and Pixelynx to develop products that bridge the existing gaps in Web3. Later LG partners agreed to utilize their proprietary tools to create infrastructures enabling users to navigate the virtual world more effortlessly using the LG TV set.
In 2022 the metaverse sector attracted many developers and investors in the research and development sector. According to data from Oxford Dictionary, metaverse was ranked as the word of the year.
The LG’s new feature mirrors a recent move by Samsung to create the first NFT marketplace. In March, the Samsung group entered into a partnership agreement with Nifty to allow users to trade their NFT on the TV at home. The team agreed to utilize the custodial wallet created by Nifty to enable the user to buy, stake, and sell NFT seamlessly.
