LG Electronics, a South Korean tech company, has filed a patent application for a blockchain-based Smart TV that enables users to trade nonfungible tokens (NFTs). The patent application was published on the World Intellectual Property Organization’s global database on May 11, indicating that LG filed the application approximately 18 months prior, in November 2021.
According to the application, LG’s technology allows the TV to connect with a cryptocurrency wallet and an NFT market server, facilitating transactions. The TV incorporates onscreen QR codes when connected to the NFT market server, allowing users to complete transactions using their cryptocurrency wallets.
This patent application follows LG’s launch of its own NFT platform, the LG Art Lab Marketplace, in September of last year. The marketplace, built on the Hedera network, enables users with LG TVs running webOS 5.0 or later versions to trade digital artworks.
It remains unclear whether the TV will be compatible with different wallets or limited to LG’s own Wallypto, the company’s smartphone crypto wallet, which is available on the Art Lab Marketplace.
LG has been actively exploring 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 to viewers’ living rooms. This collaboration aimed to allow customers to explore interconnected virtual worlds, attend virtual concerts, and engage in multiplayer games powered by artificial intelligence through their LG TVs.
LG is not the only major tech company integrating Web3 technology into its products. Its competitor, Samsung, introduced a new smart TV lineup integrated with an NFT platform last year. Additionally, Samsung Next, the company’s venture capital arm, has been actively investing in NFT and metaverse projects, further emphasizing its commitment to the space.
