3 mins readThe South Korean tech giant LG Electronics recently filed a patent application for a smart TV with blockchain functionality that may manage nonfungible tokens (NFTs). The application was registered on May 11 through the World Intellectual Property Organization's global database for intellectual property.
According to LG's application timeline, it was submitted in November 2021 and will go through a thorough review before possibly getting legal protection.
A partial drawing of the proposed patent
A Cutting-Edge Technology
The innovative technique described in LG's patent application enables its smart TVs to interact with a cryptocurrency wallet and an NFT market server, enabling smooth transactions. When linked to an NFT market server, customers can easily conduct deals using their cryptocurrency wallets by embedding onscreen QR codes.
An important step forward in the fusion of digital assets and conventional entertainment systems is the integration of blockchain technology into smart TVs. Users now have more opportunities to explore and interact with the world of digital art, collectibles, and other unique goods thanks to LG's concept for NFT-trading TVs.
LG Art Lab Marketplace and Integration with Wallets
After launching its own NFT platform, the LG Art Lab Marketplace, in September 2022, LG filed this patent application. This platform, which utilizes the Hedera network, enables digital art trading on LG smart TVs running webOS 5.0 or later. Now, customers can easily search, buy, and display NFTs from their LG smart TVs.
It is yet unknown, though, whether the TV would allow several wallets or only LG's Wallypto, the brand's mobile cryptocurrency wallet, which is also available through the Art Lab Marketplace. Users' capacity to manage their digital assets more freely and with greater flexibility would be made possible by the ability to integrate with different cryptocurrency wallets.
Due to its user-friendly interface and safe payment options, LG's Art Lab Marketplace has quickly become popular among art fans and collectors. By combining the benefits of smart TVs, blockchain technology, and NFTs, LG establishes itself as a pioneer in the rapidly increasing field of digital art.
Embracing Web3 Solutions
Incorporating Web3 solutions into its products is something LG is actively doing. To bring the metaverse into viewers' living rooms, the business established a partnership with cloud-based platforms Pixelynx and Oorbit in January. Through this partnership, LG users will be able to play AI multiplayer games, explore connected virtual worlds, and attend virtual concerts on their LG smart TVs.
LG is establishing itself as a pioneer in the fusion of entertainment and the digital world by embracing Web3 technologies. In order to create a more immersive and engaging entertainment environment, the firm is nurturing an ecosystem where customers may easily switch between real-world and virtual experiences.
Competition and Industry Trends
LG is not the only significant tech brand experimenting with Web3 integration. Samsung, one of its main competitors, announced a new lineup of smart TVs integrated with an NFT platform last year. The venture capital arm of the corporation, Samsung Next, has also been actively funding NFT and metaverse projects, underscoring the expanding prominence of these technologies in the tech sector.
The industry's realization of the game-changing potential of blockchain and decentralized technologies is shown in the incorporation of Web3 technologies, such as NFT trading and virtual experiences, into mainstream consumer electronics. The gap between the physical and digital worlds is anticipated to gradually disappear as other businesses follow in LG and Samsung's footsteps, ushering in a new era of entertainment and communication.
Final Thoughts
The patent application by LG Electronics for a blockchain-based smart TV with NFT trading marks a significant advancement in bridging the divide between established entertainment systems and the developing world of digital assets. If given legal protection, this innovation could transform how consumers interact with NFTs and cryptocurrencies, opening up new avenues for growth in the quickly changing digital environment.
