LG Electronics recently filed for a blockchain-based smart TV published by the World Intellectual Property Organization (WIPO).
Significantly, the company had applied for the patent in November 2021. But WIPO Documents Mandates a waiting period of 18 months before such publications which means the process is ongoing.
Now, LG is awaiting the next steps which include a thorough examination of the invention to grant or deny the patent.
LG aims to feature NFT trading on smart TVs
The sole purpose of the latest invention is to support NFT trading on LG’s Smart TVs. Users can connect their crypto wallet and an NFT Market server to trade non-fungible tokens.
After making the connection, an onscreen QR code will guide the transaction through a crypto wallet.
LG Launched NFT platform In September 2022 before releasing this technology. The South-Korean firm launched the NFT platform “LG Art Lab Marketplace” on the Hedera blockchain.
With the launch, smart TVs running webOS 5.0 and later systems can display digital artworks on the big screen.
LG also has a crypto wallet, “Wallypto”, which facilitates transactions on the NFT marketplace. So, the company already has a marketplace and a wallet.
But it hasn’t been mentioned whether the smart TVs will support other third-party apps or use Walltpto exclusively.
LG and other big tech companies extend functionalities to electronic devices
As the world becomes more digital, big tech companies are also following the trend with various products to enhance the user experience.
In addition to the latest move to support NFT trading on their televisions, LG and even Samsung dabbled in the trending Web3, crypto, blockchain, and meterverse.
During its Annual General Meeting in 2022, the LG announced There are plans to expand towards creating and selling software based on the blockchain.
It also mentioned diversifying into the sale and brokerage of crypto assets, leading to speculation that LG may one day launch its own crypto exchange.
While a company spokesperson dismissed the speculation last year, saying that “nothing has been decided yet, LG has made some notable moves to increase its interest in NFT integration.
In January, LG partnered with cloud-based tech platforms Pixelynx and Oorbit to integrate Metaverse onto smart televisions.
Oorbit also announced the partnership on Twitter, stating that it aims to bring “interoperable virtual worlds to LG TVs”.
This integration will enable LG TV users to enjoy multiple AI-powered multiplayer games and music events on their TV screens.
Earlier in March 2022 LG partnership With NFT-focused company Seoul Auction Blue to fulfill NFT-based artwork projects.
Samsung is another South Korean tech company making notable moves nft and the Metaverse. In 2021, the company announced Integration of NFT platforms into its TVs including QLED, Micro LED and The Frame.
Samsung also has a venture capital arm.Samsung Next,” which Invests in non-fungible tokens and the metaverse.
This launched A Metaverse store in Decenterland in January 2022 to replicate a real-world store at 837 Washington St. in New York City’s Meatpacking District.
