thecoinrepublic.com
- 1 LG filed an application for a patent for the trading of NFT television.
- 2 LG also disclosed its partnership with Oorbit and Pixelyn a few months back.
- 3 LG is not the only company to do so; Samsung is also giving a competition.
LG is a South Korean company planning to have a patent for NFT trading televisions. Its application has been released and launched its own NFT platform.
LG filing for Patent for trading NFT TV
LG Electronics is a South Korean multinational electronics company. It is headquartered in Seoul, South Korea. LG was initially known as GoldStar and was founded by this name itself. It was after the Korean War that GoldStar was renamed LG. LG Electronics is a part of the LG corporation that deals with all the electronics manufactured by the company.
This South Korean company has recently filed an application asking for a patent for its new smart television based on Blockchain that permits users to trade Non-Fungible Tokens. This patent clearly indicates Korea’s plan to dominate the field. This also shows their long-term plans for NFT.
The information came out on May 11 via WIPO’s global database for intellectual property. Generally, a patent application is considered, and its filing is taken into action after 18 months of the filing date or priority filing.
Based on calculations, it can be estimated that LG’s application was submitted in November 2021. After filing, various steps are included like substantive examination, granting or refusing legal protection to invention.
LG’s application states that its technology allows crypto wallets and NFT market servers to connect with devices and ensure transactions. The device generates an on-screen QR code whenever it is connected to the NFT market server. This QR code enables users to complete transactions via a cryptocurrency wallet.
LG released its own NFT platform last September after its application was released. This NFT platform is called “the LG art lab marketplace,” which follows the principles of the Hedera network. This allows TVs running on certain versions to trade digital artworks.
LG has its own smartphone crypto wallet called Wallypto, which is available on its Art Lab Marketplace. But it is unmisted whether the TV will entertain different wallets or will be limited to just Wallypto.
LG is updating itself by onboarding various Web3 solutions on its devices. A few months back, the company opened up regarding its partnership with Oorbit and Pixelyn. The motive of the same was to bring to the notice of viewers the metaverse’s living rooms.
It is also concluded that this partnership took place for users to explore the virtual worlds, concerts, and artificial intelligence multiplayer games through their LG TV.
Competition pertains to all fields and so on as well.
Samsung also made a big announcement that it is launching a new smart television that is integrated with NFT platforms and allows users to trade through TV. With this announcement, LG does not remain the only one to have Web3 products combined with its devices.
It is seen that Samsung is also actively participating in investments that include NFT and Metaverse. All the investments are made through its venture capital arm, Samsung Next.