LG Launches NFT Art Lab on Richardson-Based Hedera Network

The Richardson-based Hedera network is a public distributed ledger that's helped advance everything from long-distance drone flights to stablecoin issuance to next-gen gaming and more. Now you can add art to the list. Yesterday LG launched its own NFT platform—LG Art Lab—on the Hedera network, giving users a "one-stop shop" to buy, sell, and showcase digital artworks.

The platform moves the concept of NFT art from computers to "a piece of art displayed as any other artwork would be within the home of its owner," says the CMO of Swirlds Labs, the team behind the Hedera network.

LG wants to show something beautiful on their No. 1-rated TVs—and not just “House of the Dragon” or “The Lord of the Rings: The Rings of Power.” So they’ve launched their own NFT platform, LG Art Lab, based on the Hedera network created right here in North Texas.

LG’s new platform is designed to be a “one-stop solution for viewing and trading NFTs at home,” the company says. It includes the LG Art Lab Drops feature, offering profiles of artists and previews of new works slated for the platform. A real-time Live Drops countdown (as seen on the image in the photo above) lets users know how soon an NFT will go live on the platform.

The platform makes buying and selling NFTs “as simple as possible,” LG says, “incorporating onscreen QR codes that let users quickly complete transactions via Wallypto: the company’s crypto-currency wallet for smartphones.”

Once it’s purchased, an NFT artwork like the one seen above, from the American sculptor Barry X Ball, can be traded on the LG Art Lab Marketplace. When displayed on the company’s TVs, NFT art works “come fully to life,” LG says, especially on their top-of-the-line OLED models.

Barry X Ball’s “Metal” series of digital works will begin dropping on the LG Art Lab in the coming weeks, with his “Stone” series—along with works by other artists—to be added monthly.

The platform is already available in the U.S. on LG TVs running webOS 5.0 or later.

‘Displayed as any other artwork would be’ in owner’s home

“Live Drops” on LG’s new NFT Art Lab platform. [Image: LG]

Christian Hasker, CMO of Swirlds Labs, the team behind the Hedera network, says LG’s NFT platform makes perfect sense by giving NFT art works a natural “home” within their owners’ homes.

“Users will be able to purchase, access, and display tokenized artworks by their favorite artists on their LG televisions, bringing NFTs beyond being computer-based collectibles and toward becoming a piece of art displayed as any other artwork would be within the home of its owner,” Hasker said. 

‘Access to sustainable NFT artworks in millions of living rooms’

Hasker notes that the Hedera Governing Council is “made up of some of the world’s most innovative companies, from a diverse range of sectors and geographies.”

“Today’s announcement by LG is an impressive milestone for council member adoption, with LG providing access to sustainable NFT artworks in millions of living rooms in the U.S.,” Hasker added.

Hedera network: from crypto to gaming, drones, and more

Mance Harmon, co-founder and CEO of Hedera Hashgraph [Image: LinkedIn]

The Hedera network—a fully open-source public distributed ledger for cryptocurrencies, NFTs, and other technologieshas made other news recently by eyeing “next-generation gaming” in a partnership with Ubisoft, and by helping to boost long-distance drone safety in a trial based in England and Scotland.

Last December, its Hedera Token Service and Hedera Consensus Service were used by Shinhan Bank—South Korea’s second largest bank—to test the issuance and distribution of stablecoins in a financial use case that typically has several pain points.

Other recent Hedera use cases include DLA Piper using Hedera for asset tokenization and ServiceNow using Hedera in its Now Platform to bring distributed ledger technology to enterprise at scale.

Why LG chose Hedera

Chris Jo, SVP and head of platform business at LG Electronics. [Photo: LinkedIn]

Chris Jo, SVP and head of platform business at LG Electronics, says “sustainability” was a big reason LG chose the Hedera network.

“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives,” Jo said. “Built on Hedera, the LG Art Lab is a truly sustainable, carbon-negative platform. Users can buy, sell, and display NFTs on the Hedera network without worrying about the high energy consumption associated with other public networks.” 

Another reason: Hedera’s “low, predictable costs.”

“Unlike many other decentralized networks, Hedera guarantees a low, predictable fee for users,” Jos said. “With no soaring gas fees or hidden costs, Hedera allows users to transact for less than 0.0001c USD per transaction. This means that there are no hidden or changing costs associated with the NFT platform.” 

Short films will show the artists at work

LG says its platform will complement artwork descriptions with short films that “illuminate the artists’ creative processes.” Users will have the opportunity to meet some of the artists at upcoming LG-sponsored art events, the company added.

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