LG Electronics files patent for its NFT TV – Cryptopolitan

Tech giant LG Electronics has filed a patent for its Smart TV. The blockchain based TV will enable users to trade NFTs. The WIPO’s global database for intellectual property on May 11 published the information, stating that the patent application is usually published 18 months after the filing date or priority filing. Thus, LG’s application was filed in November 2021.

LG patent application published

The patent application outlines that LG’s technology will allow devices to connect with a cryptocurrency wallet and an NFT market server to facilitate transactions. The technology would feature onscreen QR codes when the device is connected to an NFT market server to allow users to complete transactions via their cryptocurrency wallet.

LG’s new NFT platform follows the release of its platform, the LG Art Lab Marketplace, in September 2021. It was built on the Hedera network. The platform enables webOS 5.0 or later versions to trade digital artworks. It is unclear if the TV will integrate with different wallets or be limited to LG’s Wallypto, the company’s smartphone crypto wallet, which is also available on its Art Lab Marketplace.

LG is onboarding several Web3 solutions on its devices. In January 2022, the company inked partnership with technology platforms, Oorbit and Pixelynx, to bring the metaverse into users of their TVs. The collaboration will enable its customers to explore virtual worlds, concerts, and other things through their TVs.

Electronics companies are working on Web3 products

LG is not the only tech giant working to integrate Web3 into its products. In 2021, Samsung announced its smart TV, integrated with an NFT platform. Samsung is also actively investing in NFT and metaverse projects through its venture capital arm, Samsung Next.

The firm’s next steps include a substantive examination, followed by the granting or refusal of legal protection for the invention. This patent application highlights its interest in blockchain technology and its continued efforts to incorporate it into its devices.

The integration of blockchain technology into devices has the potential to revolutionize the way people interact with their TVs, making them more than just passive entertainment devices. By allowing users to trade NFTs, LG’s Smart TV could open up new revenue streams for content creators and artists, providing them with a new way to monetize their work.

The company’s blockchain-based Smart TV patent application indicates the company’s interest in blockchain technology and its efforts to incorporate it into its devices. The integration of Web3 solutions in its devices highlights the company’s efforts to stay ahead in the technology race and offer new, innovative experiences to its customers.