You can barely use the internet anymore without seeing NFTs. These crypto-backed digital assets skyrocketed in value last year, only to fall to Earth with cryptocurrency prices in 2022. LG has chosen this moment to roll out the LG Art Lab platform on its TVs. Those with select LG smart TVs will soon be able to use the platform to buy, sell, and view NFTs, which LG calls “high-quality artwork.”
LG has partnered with the Hedera network, which bills itself as a faster, more environmentally friendly alternative to traditional blockchains. The Hedera hashgraph technology isn’t very popular currently — Hedera’s Axis NFT platform does a few thousand in transactions per day, but Ethereum is in the hundreds of millions even after recent drops in NFT interest. It makes sense for LG, though, which has been on the Hedera governing council since 2020.
NFTs will be available on LG TVs running webOS 5.0 or later, and it integrates with LG’s Wallypto crypto wallet on smartphones. To purchase NFTs on your TV, you’ll need a phone with the Wallypto app. The TV displays a QR code, allowing you to scan with your phone to complete the purchase with a stablecoin called USD Coin. Once that’s done, you can view your NFTs in the My Collection area of Art Lab. They can also be used as screensavers on your TV when it’s not in use.
LG says you can trade NFTs if you get tired of looking at them, and that appears to be all they’re good for. You can access information on the artist from your NFT collection, but you hardly need to buy an NFT to look someone up on the internet. Some projects promise access to exclusive features or products with NFT ownership, but most are just JPEGs linked to a cell in a spreadsheet that says you own it. LG says its first NFT drop will come on September 22 from sculptor Barry X Ball. It appears that each of the designs will be limited to 350 NFTs.
Many see NFTs as a key component of the metaverse, a spatially-aware replacement for the internet promulgated by the likes of Mark Zuckerberg. The idea is NFTs would integrate into virtual spaces, making it more like owning real property instead of just a JPEG. None of that exists yet, making the pictures of cartoon apes and sculptures on your TV little more than a novelty. With NFT trading volume down by as much as 99% compared with a few months ago, you probably don’t want to get into NFTs for investment purposes, either.
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