LG joins Metaverse, produces TVs for distribution and NFT business

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2022-07-24 13:25:39

Metaverse and NFT are seen as new ways of reaching consumers. Many big companies have entered the field with the aim of launching new products, including technology giant LG.

LG “enters” Metaverse with NFT business plan

LG joins Metaverse, planning to produce TVs for distribution and NFT business

On July 19, LG submitted a trademark application for LG ART LAB to the United States Patent and Trademark Office (USPTO). This move marks LG’s first foray into the Metaverse field.

The application states that LG has outlined plans to provide TV software for the issuance and trading of NFTs, trading software, brokerage and digital asset management. Besides, LG also added crypto wallet payment services and software in Metaverse.

LG has submitted a trademark application for LG ART LAB
LG has submitted a trademark application for LG ART LAB

LG has released many products related to non-fungible tokens (NFTs) in the past. Specifically, in May the company teamed up with media artist Refik Anadol to display NFT artwork on OLED TVs. Titled “Memory Important to Humanity,” the collection is a visual presentation of data collected from the first civilian spaceflight. LG Display with transparent OLED panels developed using artificial intelligence, acting as a frame for digital artwork.

On January 4, during a media exhibition event, LG introduced a number of startups related to the Metaverse field that it is collaborating with in an incubation program. Among them are iQ3 – a company specializing in building business training programs in virtual reality and I3M – a startup that experiences “traveling” the world in virtual reality.

Sharing views on Metaverse, Mr. Sokwoo Rhee, head of LG Nova (LG Corp’s Silicon Valley-based innovation arm) said:

I don’t think LG wants to define Metaverse at this point. We know roughly what it is and we know it will be part of the future.

Tech giants join the Metaverse race

Another tech giant of the land of kimchi, Samsung, has also continuously made positive moves on the track of Metaverse. The company has launched the Samsung Wallet digital wallet with built-in crypto wallet, supporting Bitcoin along with Ethereum ERC-20 tokens in high-end smartphone product lines, since the S10. In addition, Samsung also integrated NFT on smart TVs and conducted Metaverse testing.

At the end of June 2022, HTC, a Taiwanese manufacturer of handheld devices, famous for its smartphone product line launched the Metaverse smartphone with built-in crypto wallet and NFT.

It is predicted that from now until the end of the year, many traditional technology giants will participate in the NFT and Metaverse races.

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