{"id":8959,"date":"2023-05-15T12:28:54","date_gmt":"2023-05-15T16:28:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/lg-electronics-pursues-patent-for-tv-with-built-in-nft-trading-features-how-does-it-work\/"},"modified":"2023-05-15T12:28:55","modified_gmt":"2023-05-15T16:28:55","slug":"lg-electronics-pursues-patent-for-tv-with-built-in-nft-trading-features-how-does-it-work","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8959","title":{"rendered":"LG Electronics Pursues Patent for TV with Built-in NFT Trading Features \u2013\u00a0How Does it Work?"},"content":{"rendered":"
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LG Electronics’ filing for a blockchain-based smart TV was recently published<\/u> by the World Intellectual Property Organization (WIPO).\u00a0<\/p>\n

Notably, the company applied for the patent in November 2021. But WIPO\u2019s documentation<\/u> mandates an 18-month waiting period before such publications implying that the process has been ongoing.\u00a0\u00a0\u00a0<\/p>\n

Now, LG awaits the next steps involving thoroughly examining the invention to grant or reject the patent.\u00a0<\/p>\n

LG Aims To Facilitate NFTs Trading On Smart TVs\u00a0\u00a0<\/h2>\n

The sole aim of the latest invention is to support NFT trading on LG\u2019s Smart TVs. Users can connect their crypto wallet and an NFT market server to trade non-fungible tokens.\u00a0<\/p>\n

After making the connections, an onscreen QR code will guide the transaction through a crypto wallet.\u00a0<\/p>\n

LG launched an NFT platform<\/u> in September 2022 before releasing this technology. The South-Korean firm launched the NFT platform \u201cLG Art Lab Marketplace\u201d on the Hedera blockchain.\u00a0<\/p>\n

With the launch, smart TVs running webOS 5.0 and later systems could seamlessly trade digital artworks on the big screens.\u00a0\u00a0<\/p>\n

LG also has a crypto wallet, \u201cWallypto\u201d facilitating transactions on the NFT marketplace. So, the company has the marketplace and a wallet already.\u00a0<\/p>\n

But it hasn\u2019t been mentioned if the smart TVs will support other third-party apps or use Walltpto exclusively.\u00a0<\/p>\n

LG and Other Big Tech Companies Expand Functionalities for Electronic Devices\u00a0<\/h2>\n

As the world goes more digital, big tech companies also follow the trend with various products to enhance user experiences.\u00a0<\/p>\n

Besides the latest move to support NFT trading on its television, LG and even Samsung dabbled into the trending Web 3, Crypto, Blockchain, and Meterverse.<\/p>\n

During its annual general meeting in 2022, LG announced<\/u> plans to expand towards producing and selling software based on the blockchain.\u00a0<\/p>\n

It also mentioned diversifying to the sale and brokerage of crypto assets leading to speculations that LG might one day launch its crypto exchange.\u00a0<\/p>\n

While a company\u2019s spokesperson diffused the speculations last year, stating that \u201cnothing has been decided yet, LG has made some notable moves to expand its interest in NFT integration.\u00a0<\/p>\n

In January, LG partnered with cloud-based tech platforms Pixelynx and Oorbit to integrate the metaverse on the smart television.\u00a0<\/p>\n

Oorbit also announced the partnership on Twitter, stating that it aims to bring \u201cinteroperable virtual worlds to LG TVs.\u201d<\/p>\n

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This integration will enable LG TV users to enjoy several AI-powered multiplayer games and concerts on their TV screens.\u00a0<\/p>\n

Earlier in March 2022, LG partnered with an NFT-focused company Seoul Auction Blue to carry out NFT-based artworks projects.\u00a0<\/p>\n

Samsung is another South Korean tech company making notable moves towards NFT and metaverse. In 2021, the company announced<\/u> the integration of an NFT platform in its TVs, including QLED, Micro LED, and The Frame.\u00a0<\/p>\n

Samsung also has a venture capital arm, \u201cSamsung Next,” which<\/u> invests in Non-fungible tokens and metaverse.\u00a0<\/p>\n

It launched<\/u> a metaverse store in Decentraland in January 2022 to replicate a real-world shop at 837 Washington St., New York City\u2019s Meatpacking District.<\/p>\n<\/p><\/div>\n