LG Seeks Patent for TV Enabling NFT Trading. What's the Appeal?

A famous South Korean company, LG Electronics, has filed a unique patent application. The brand is seeking patent protection for its new NFT trading TV, allowing users to trade non-fungible tokens (NFTs).

But why is LG trying to do so? What's the benefit? Let's explore their reasoning.

LGs patent-seeking behavior

LG Electronics has set the precedence for this unique concept with their Art Lab Marketplace. This initiative puts the brand out there as an NFT trade where world-class artists host their art. Any LG TV that operates webOS 5.0 can access the LG Art Lab.

The patent application suggests that (1) LG sees a future for the NFT marketplace and (2) expects an ever-growing consumer demand.

But LG isn't the only tech giant to put its foot in the door here.

Samsung also released an NFT trade on three of its TVs back in 2022 in partnership with Nifty Gateway.

How does it work?

The TV will be able to connect to an NFT market server and will enable NFT trading. Users can make purchases using their cryptocurrency wallet, also connected to the TV.

LGs partnership

Of course, LG won't be going at this alone.

The tech company partnered with Hedera Hashgraph back in 2020. Hedera is a distributed ledger tech company considered an alternative to a traditional blockchain.

Hedera also works with companies like:

1. Ubisoft
2. IBM
3. Google

The Hedera Network will hopefully be a step in the right direction for the electronics firm.

LG adapts to the times

This is hardly the end for the advancements to come.

Along with NFT technology LG Electronics has also had clear ambitions on the metaverse. Oorbit, a company that operates its own metaverse platform, is partnering with LG to bring virtual worlds to their TV.

In today's world and with the rapid and ever-evolving changes, it's adapt or fall into irrelevancy. LG has chosen the latter with its unique patent registration.