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LG Electronics' filing for a blockchain-based smart TV was recently published by the World Intellectual Property Organization (WIPO).
Notably, the company applied for the patent in November 2021. But WIPO’s documentation mandates an 18-month waiting period before such publications implying that the process has been ongoing.
Now, LG awaits the next steps involving thoroughly examining the invention to grant or reject the patent.
LG Aims To Facilitate NFTs Trading On Smart TVs
The sole aim 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 connections, an onscreen QR code will guide the transaction through a crypto wallet.
LG launched an 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 could seamlessly trade digital artworks on the big screens.
LG also has a crypto wallet, “Wallypto” facilitating transactions on the NFT marketplace. So, the company has the marketplace and a wallet already.
But it hasn’t been mentioned if the smart TVs will support other third-party apps or use Walltpto exclusively.
LG and Other Big Tech Companies Expand Functionalities for Electronic Devices
As the world goes more digital, big tech companies also follow the trend with various products to enhance user experiences.
Besides the latest move to support NFT trading on its television, LG and even Samsung dabbled into the trending Web 3, Crypto, Blockchain, and Meterverse.
During its annual general meeting in 2022, LG announced plans to expand towards producing and selling software based on the blockchain.
It also mentioned diversifying to the sale and brokerage of crypto assets leading to speculations that LG might one day launch its crypto exchange.
While a company’s spokesperson diffused the speculations last year, stating that “nothing has been decided yet, LG has made some notable moves to expand its interest in NFT integration.
In January, LG partnered with cloud-based tech platforms Pixelynx and Oorbit to integrate the metaverse on the smart television.
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 several AI-powered multiplayer games and concerts on their TV screens.
Earlier in March 2022, LG partnered with an NFT-focused company Seoul Auction Blue to carry out NFT-based artworks projects.
Samsung is another South Korean tech company making notable moves towards NFT and metaverse. In 2021, the company announced the integration of an NFT platform in 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 metaverse.
It launched a metaverse store in Decentraland in January 2022 to replicate a real-world shop at 837 Washington St., New York City’s Meatpacking District.