LG Electronics is advancing in the field of cryptocurrencies and blockchain technology. Recently, the company requested a patent for a blockchain-based smart TV, according to the World Intellectual Property Organization (WIPO). Although the WIPO documentation requires an 18-month waiting period before publishing these patent applications, the process is ongoing and LG is now awaiting the next steps for the detailed analysis of its invention.
The main purpose of this invention is to support non-fungible tokens (NFTs) trading on LG Smart TVs. Users will be able to connect their crypto wallets and an NFT marketplace server to transact with these digital assets. To facilitate the process, the transaction will be guided by a QR code displayed on the TV screen, which will connect to the user's cryptocurrency wallet.
This initiative by LG comes after the launch of its NFT platform, call “LG Art Lab Marketplace” in September 2022 on the Hedera blockchain. With this platform, smart TVs running webOS 5.0 and later can easily exchange digital artworks on the big screens. In addition, LG already has its own cryptocurrency wallet, called “Wallypto”, which facilitates transactions in the NFT market.
Although it has not been mentioned whether LG's smart TVs will be compatible with other third-party applications or whether they will exclusively use the “Wallypto” wallet, this new innovation shows the company's commitment to exploring the potential of the technology blockchain and cryptocurrencies in the home entertainment market.
