- The Korean tech giant delivered a number of statements about its metaverse goals.
- NFT enthusiasts will now be able to purchase, resell, and exchange their virtual art using their LG products.
- After March 2022, Animoca Brands has cut its goal for its metaverse investment fund in half, to $1 billion.
LG Electronics, the South Korean consumer electronics giant, has doubled down on its metaverse aspirations with a series of announcements at this year’s Consumer Electronics Show. NFT enthusiasts will now have access to the Blade Wallet service. This service is accessible through LG Smart at home. They can use it to purchase, sell, and trade their digital artwork through the LG Art Lab Platform.
Blade Wallet is a “security audited Web3 wallet on the Hedra network,” according to its description. Hedra uses Hashgraph, a distributed ledger technology that has been referred to as an alternative to blockchains.
In September, LG first introduced NFT investing for all US LG smart TVs operating webOS 5.0 and above. But customers were only allowed to use Wallypto, the company’s blockchain wallet. Additionally, users of the LG Smart TVs will now have access to Sansar, a “social network” built on a User Generated Market (UGM) currency.
According to reports, customers would also be able to view live, real-time events like concerts thanks to cloud provider Ubitus. LG has also announced a partnership with cloud streaming company Oorbit to deliver the “interoperable metaverse” to LG smart TVs, making Sansar not the only supplier of the metaverse that the company has collaborated with.
Moreover, the collaboration would let users take advantage of virtual worlds and activities, including virtual concerts held on the music-themed gaming platform ELYNXIR and AI-generated multiplayer games played on the Auxworld platform.
The metaverse is LG’s primary focus at CES 2023. However, the hype surrounding the technology has diminished since the term debuted in the Oxford English Dictionary as the Word of the Year of 2022.
Animoca Brands, the owner of The Sandbox, has halved its target for its metaverse investment fund to $1 billion after March 2022. This follows a decline in user numbers of around 80%. Since Meta rebranded with a metaverse-based business model in mind, its stock has been down 60%.