LG Electronics Files Patent for NFT-Trading TV: Get Ready to Trade NFTs on Your TV!

• LG Electronics has filed a patent application for a blockchain-based smart TV, which allows users to trade nonfungible tokens (NFTs).
• The patent application was submitted in November 2021 and is set to be published 18 months after the filing.
• LG’s technology allows devices to connect with a crypto wallet and an NFT market server to enable transactions.

LG Electronics Files Patent for NFT-Trading TV

LG Electronics has filed a patent application for its blockchain-based smart TV, which allows users to trade nonfungible tokens (NFTs). The information was published on WIPO’s global database for intellectual property on May 11, 18 months after LG filed its application.

How It Works

LG’s technology allows devices to connect with a crypto wallet and an NFT market server to enable transactions. When connected to an NFT market server, the device incorporates onscreen QR codes that let users complete transactions via a cryptocurrency wallet.

Previous Developments

The patent follows the release of LG’s own NFT platform in September 2022 — the LG Art Lab Marketplace — based on the Hedera network. It allows TVs running webOS 5.0 or later versions to trade digital artworks. It’s unclear if the TV will integrate with different wallets or be restricted to LG’s Wallypto — the company’s smartphone crypto wallet — which is also available on its Art Lab Marketplace.

Competition from Samsung

LG is not the only Big Tech company working to integrate Web3 into its products. Last year, its competitor Samsung announced a new smart TV lineup integrated with an NFT platform. The company is also actively investing in NFT and metaverse projects through its venture capital arm, Samsung Next.

Conclusion

LG is onboarding a range of Web3 solutions to its devices as tech companies work towards integrating digital assets into their products. With this latest development, LG looks set to further increase adoption of blockchain and cryptocurrencies within mainstream society