LG Electronics Files Patent For Blockchain-Based Smart TV That Allows NFT Trading

LG Electronics, has applied for patents for smart TVs based on blockchain technology. (photo: twitter @Altcoin_Hero_)

JAKARTA - South Korean technology company LG Electronics has filed a patent application for a blockchain technology-based smart TV that allows users to trade non-fungible tokens (NFT).

The information was published in the World Intellectual Property Organization (WIPO) intellectual property database on May 11. According to the WIPO document, the patent application was published 18 months after the submission date or submission priority date.

Based on this timeframe, the LG application was submitted in November 2021. The next step includes a substantial check, which is then followed by the provision or rejection of legal protection against the discovery.

Based on the LG app, their technology allows devices to connect with crypto wallets and NFT market servers to allow transactions. When connected to the NFT market server, the device displays a QR code on the screen that allows users to complete transactions via crypto wallets.

The app follows the launch of LG's NFT platform in September 2022 - LG Art Lab Marketplace - which is based on the Hedera network. The platform allows TV running webOS 5.0 or a newer version of trading in digital artwork.

It is not clear whether the TV will be integrated with various wallets or limited to LG's Wallypto - a crypto wallet for the company's smartphones - which is also available on their Marketplace Art Lab.

LG is integrating various Web3 solutions into its devices. In January, the company announced a partnership with cloud-based technology platforms, Oorbit and Pixelynx, to bring the metaverse directly to the audience's living room.

At the time, Cointelegraph reported that this collaboration was designed to allow customers to explore cyber-connected, concerted, and multiplayer artificial intelligence via their LG TV.

LG is not the only big tech company trying to integrate Web3 into its products. Last year, its competitor, Samsung, announced a new smart TV product line that is integrated with the NFT platform. The company is also actively investing in NFT and metaverse projects through their venture capital division, Samsung Next.