South Korean tech giant LG Electronics has tapped into the Hedera Hashgraph (HBAR) network to bring NFTs to television screens. It is also testing a crypto wallet. This caused the price of Hedera’s altcoin project HBAR to jump. Here are the details…
LG partners with Hedera network
LG has launched its NFT marketplace called LG Art Lab, which is available on TVs running webOS 5.0 and higher in the US. The company said its NFT platform allows users to buy, sell and showcase their Hedera-powered NFTs right from their display. “The platform includes the LG Art Lab Drops feature, which profiles artists and previews new work coming to the platform soon,” LG said. He stated that the real-time “Live Drops” countdown allows users to predict the latest date and buy.
The announcement comes nearly eight months after LG Electronics said the TV giant aims to incorporate NFTs into its smart TV in an effort to “redefine the viewing and user experience.” Meanwhile, LG Electronics is also conducting a Beta test for developers for a new crypto wallet app called Wallypto.
The company registered the name and logo of the application with “domestic and foreign patent offices”. He hopes to have an “official launch” before the year is out. The firm stated that it is still working on the details of the features of the wallet, but it will be built on Hedera as well. LG said the Wallypto will likely also be compatible with NFTs. The company is also trying to integrate the wallet with ThinQ, the rapidly growing Internet of Things (IoT) platform.
Altcoin price jumps
In particular, LG took advantage of the lesser-known Hedera network to offer these features. Hedera describes itself as an alternative to Blockchain. It uses its own “Hashgraph” technology. So, as we have also reported as Kriptokoin.com, it uses another version of the distributed ledger technology. LG Electronics partnered with Hedera in 2020, joining Hedera’s board of directors, which includes Google, IBM, Deutsche Telekom and more.
LG’s entry into the NFT space comes after rival company Samsung, which formed a similar NFT partnership with Nifty Gateway earlier this year. Meanwhile, the NFT market remains near early 2021 lows. NFT sales volume in dollars across the Ethereum blockchain has slumped in recent days to nearly $6 million, down more than 99 percent compared to the all-time high of $628 million recorded on May 1, 2022.
Currently, HBAR managed to rally from $0.060 to $0.063. The value of the cryptocurrency has gained close to 3 percent in the last 24 hours. However, it has experienced a decrease on a weekly, monthly and yearly basis.
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