- Hedera and LG Electronics began the partnership in 2020.
- LG Art Lab enables users to access and display NFTs.
- Unlike other decentralized networks, Hedera offers users a less, predictable fee.
The brand collaborated with Hedera network for an application that allows users to buy non-fungible tokens through Wallypto, which is the brand’s own crypto wallet for smartphones.
Chris Jo, senior vice president, head of platform business at LG Electronics home entertainment company said that Wallypto is built on Hedera and has been developing since last September. Coming to its beta version, it was launched this August.
Jo said that despite a number of people looking forward to becoming a part of the evolving ecosystem of NFTs, starting with it might be tricky due to its complicated nature.
The platform has a Drops feature with profiles of artists featuring their new artwork previews. With its Live Drops feature, notifications are shared to let users obtain a dropped NFT and keep away from missing an opportunity.
After buying an NFT, it can be easily traded on the LG Art Lab marketplace. Its complete history can also be viewed. A user can see the owned NFTs in the ‘My Collection screen.’
Hedera allows users to carry out transactions for less than $0.0001 cent each transaction, which means there are no hidden costs.
Jo further explained that the Hedera network takes extremely low energy, which makes it the suitable choice for sustainable initiatives. In other words, it complies with the ESG of businesses and investors. Without worrying about the usage of high energy, users can purchase, sell and show NFTs on Hedera.
LG shared that the platform shows informative artwork descriptions as well as short films depicting the creative processes of the artists. This will help users get a detailed understanding of NFTs they are interested in along with the creative minds behind them.
Not only can users follow and learn about every artist in the profile picture of the app, they will also get to meet a few artists in the future art events sponsored by LG.