LG Electronics has recently made a significant move in the blockchain and NFT space by filing a patent application for its blockchain-based smart TV. This innovative TV allows users to trade nonfungible tokens (NFTs), and the information regarding the patent application was published on May 11 on the World Intellectual Property Organization’s global database for intellectual property.
According to the application, LG’s technology enables seamless connectivity between devices, a crypto wallet, and an NFT market server, facilitating secure and efficient transactions. When connected to an NFT market server, the TV displays on-screen QR codes that users can scan to complete transactions using their cryptocurrency wallets.
This patent application follows LG’s release of its own NFT platform, the LG Art Lab Marketplace, in September 2022. This platform, built on the Hedera network, allows TVs running webOS 5.0 or later versions to engage in digital artwork trading. It remains uncertain whether the TV will integrate with various wallets or be limited to LG’s Wallypto, the company’s smartphone crypto wallet, which is also available on the Art Lab Marketplace.
LG has been actively embracing Web3 solutions for its devices. In January, the company announced a partnership with cloud-based technology platforms Oorbit and Pixelynx to bring the metaverse experience directly to users’ living rooms. This collaboration aims to provide customers with access to interconnected virtual worlds, concerts, and AI multiplayer games through their LG TVs.
LG is not alone in its endeavors to integrate Web3 into its products. Its rival, Samsung, also revealed a new lineup of smart TVs integrated with an NFT platform last year. Additionally, Samsung’s venture capital arm, Samsung Next, is actively investing in NFT and metaverse projects.
As LG’s patent application progresses, the company will undergo a substantive examination, after which the invention may receive legal protection. This development showcases LG’s commitment to exploring and harnessing the potential of blockchain, NFTs, and the metaverse, positioning the company as a key player in the rapidly evolving digital landscape.