LG Electronics files patent for NFT trading TV

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

The information was published on May 11 in WIPO’s global intellectual property database. According to WIPO documentation, a patent application is published 18 months after the filing date or priority application. Based on this timeline, LG’s application was submitted in November 2021. The next steps involve a concrete investigation, followed by whether to provide legal protection to the invention.

According to LG’s application, LG’s technology enables the devices to connect to a crypto wallet and NFT market server to facilitate transactions. When connected to NFT Markets servers, the device features an on-screen QR code that allows users to complete transactions through the cryptocurrency wallet.

Partial drawing of the proposed patent. Source: Wipo.

The application follows the release of LG’s own NFT platform last September – the LG Art Lab marketplace based on the Hedera network. This allows TVs running webOS 5.0 or later to display digital artwork.

It is unclear whether the TV will integrate with various wallets or be limited to LG’s WalletPto, the company’s crypto wallet for smartphones, which is also available on the Art Lab marketplace.

LG is offering a range of Web3 solutions on its devices. In January, the company announced partnerships with cloud-based technology platforms Oorbit and Pixelynx to bring the Metaverse directly into viewers’ living rooms. At the time, Cointelegraph reported that it was designed to allow customers to explore interactive virtual worlds, concerts and multiplayer games with artificial intelligence through their LG TVs.

LG isn’t the only major tech company working to integrate Web3 into its products. Last year, its competitor Samsung announced a new Smart TV series integrated with the NFT platform. The company also actively invests in NFT and metaverse projects through its venture capital arm, Samsung Next.

magazine: 4 out of 10 NFT sales are fake: Learn to recognize the signs of wash trading

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