- Users can trade NFTs with LG’s blockchain-based smart TV.
- On May 11, the patent related update was published on WIPO’s global database for IP.
- The patent is an addition to the company’s series of NFT and metaverse plans.
LG Electronics, the South Korean tech firm, has filed a patent application for its blockchain-powered smart TV that enables trading NFTs.
The update was published on the global database of WIPO for IP on May 11. Based on the documentation, a patent application is published 18 months after the priority filing or the filing date. In terms of LG’s application, it was filed in November 2021. Substantive examination marks the next step followed by granting or dismissing legal safety to the invention.
LG’s application claims that its technology enables devices to connect with a cryptocurrency wallet as well as an NFT market server to allow transactions. After being linked to an NFT market server, the device includes onscreen QR codes to enable users to fulfill transactions through a crypto wallet.
The application follows the launch of LG Art Lab Marketplace, LG’s NFT platform launched in September 2022. The platform is based on the Hedera network and supports webOS 5.0 or later versions for the purpose of trading digital artworks.
At the moment, it isn’t disclosed whether the TV will be incorporated with several wallets or would be limited to the firm’s smartphone cryptocurrency wallet Wallypto, which is available on the Art Lab Marketplace.
The company is enrolling many Web3 solutions on its devices. For instance, in January, LG revealed a collaboration with Oorbit and Pixelynx, cloud-dependent technology platforms, to take the metaverse directly into the living rooms of viewers. The partnership aimed at enabling customers to explore interrelated virtual concerts, worlds and AI multiplayer games via their LG TVs.
In the beginning of 2023, LG took forward its metaverse plans when it launched the Blade Wallet, which allows NFT trading upon connecting to LG Art Lab.
Other than LG, Samsung has also followed the path of incorporating Web3 into its products. In 2022, the company announced a new smart TV lineup incorporated with an NFT platform. Moreover, the company is investing in both metaverse and NFT projects via Samsung Next, its venture capital arm.