South Korea’s LG Electronics Files For NFT-Trading TV Patent
13 May 2023 - 11:35PM
NEWSBTC
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. LG’s Technology Supports
NFT Trading On Smart TV 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. Related Reading: PEPE Attempts Market Rebound, Surges By
28% In 24 Hours 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. Big Tech Companies To Integrate Web3
Solutions On Smart Devices 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. Related
Reading: Lido (LDO) Surges 16% In Single Day, Maintains Dominance
In Liquid Staking Market 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:
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