LG Electronics, a technology company based in South Korea, has submitted a patent application for its smart TV based on blockchain technology, which will allow users to trade NFTs.
This information was disclosed on May 11 through the World Intellectual Property Organization’s (WIPO) global intellectual property database.
Patent applications are made public 18 months after the filing date or the priority filing. Therefore, LG’s patent application was most likely filed around November 2021.
The following stages involve thoroughly examining the application and determining whether legal protection will be granted or refused for this inventive concept.
Per LG’s submission, its technology allows the connection of devices to a cryptocurrency wallet and an NFT marketplace server for facilitating transactions.
When the device is linked to the NFT marketplace server, it integrates QR codes on the screen, allowing users to make transactions through a crypto wallet.
After launching its own NFT platform, the LG Art Lab Marketplace, in September 2022, LG introduced an application that complements it. The application is designed for TVs operating on webOS 5.0 or newer versions, allowing the trading of digital artworks on the Hedera network.
The extent to which the TV will be compatible with various wallets is uncertain, as it is unknown whether it will support other wallets besides LG’s own Wallypto. LG’s smartphone crypto wallet is accessible on its Art Lab Marketplace and could be the primary wallet option for integration.
Announced just in time for #CES2023, we’re excited to announce that we have partnered with @LGElectronics to bring interoperable gaming and social experiences directly to your LG Smart TVs.
READ: https://t.co/nppJZe650B
— Oorbit (@OorbitOnline) January 4, 2023
LG integrating Web3 solutions into its devices
LG is actively integrating a range of Web3 solutions into its devices. In a recent development, LG announced its collaboration with cloud-based technology platforms Oorbit and Pixelynx in January.
The objective of this partnership, as reported by Cointelegraph, is to bring the metaverse experience directly to users’ living rooms through LG TVs. This collaboration aims to enable customers to explore interconnected virtual worlds, attend virtual concerts and engage in multiplayer games enhanced with artificial intelligence, all from the comfort of their LG TVs.
Users can delve into immersive interconnected virtual realms, as said in a press release sent to Cointelegraph on January 4. This new offering will provide access to various experiences, such as virtual concerts and AI-powered multiplayer games designed to deliver exceptionally realistic and engaging encounters.
According to Oorbit co-founder and chief technology officer Pooya Koosha, its exclusive technology serves as the crucial link that connects various virtual worlds and simplifies the process for developers and brands to bring experiences into the metaverse.
LG is not alone among prominent technology companies seeking to integrate Web3 technologies into its product offerings. Last year, fellow South Korean tech giant Samsung revealed plans to incorporate an NFT platform into its lineup of smart TVs.
This NFT platform app will be available on Samsung’s 2022 smart TV models, such as Micro LED, Neo QLED and The Frame. The app will allow users to seamlessly explore, purchase, and trade digital artworks.
Samsung has also been actively engaged in the NFT and metaverse realms, investing in related projects through its venture capital division, Samsung Next.
The South Korean multinational manufacturing conglomerate entered the metaverse retail space in January 2022 by launching a store within Decentraland. The objective was to replicate a real-world store at 837 Washington St., in the vibrant Meatpacking District of New York City.
