Electronics giant LG files a patent for smart TV enabling NFT trading

The renowned South Korean tech giant, LG Electronics, had recently announced applying for a patent for a blockchain-based Smart TV, thereby allowing its users to trade in NFTs, i.e., non-fungible tokens.

As per the report by the WIPO (World Intellectual Property Organisation), the electronics firm’s patent application has been published recently, though the same was filed in November 2021.

According to the application, the said device would initiate a connection with an NFT market server and enable NFT trading using a connected wallet, thus enabling transactions. In other words, when connected to an NFT market server, the device incorporates onscreen QR codes that let users complete transactions through a cryptocurrency wallet.

However, it is unsure if the device would integrate with only LG’s Wallypto or with other wallets as well. Here, it must be noted that Wallypto is LG’s smartphone crypto wallet, which is also available on its Art Lab Marketplace, which is LG’s own marketplace. Furthermore, reports also reveal that the TV would use biometric authentication, with users employing a front-facing camera to access their wallet.

LG incorporates a host of Web3 solutions

The electronics giant is onboarding several Web3 solutions to its devices. Early this year, LG declared a partnership with Oorbit and Pixelynx, cloud-based technology platforms, thereby bringing the metaverse directly into viewers’ living rooms. Reports suggest that these collaborations aim at allowing customers to explore concerts, interconnected virtual worlds, and artificial intelligence multiplayer games through their LG TVs.

LG has forayed into the NFT space

Interestingly, LG is not the only electronic company to set its foot in the NFT space. Samsung, another South Korean multinational company, made bold innovations early in 2022. In fact, the latter collaborated with Nifty Gateway to launch its own NFT marketplace, Samsung NFT Hub, for its TVs.