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South Korean tech company LG Electronics has filed a patent for its blockchain-based smart TV that allows users to trade non-fungible tokens (NFTs).
The information was published in the WIPO Global Intellectual Property Database on 11 May. According to WIPO documentation, a patent application is published 18 months after the date of filing or priority filing. Based on this timeline, LG’s application was submitted in November 2021. The next steps include substantive examination followed by the grant or denial of protection for the invention.
According to LG’s filing, its technology allows devices to connect to a cryptocurrency wallet and NFT marketplace server for transactions. When connected to the NFT marketplace server, the device turns on on-screen QR codes that allow users to transact through a cryptocurrency wallet.
The app follows the release of LG’s own NFT platform last September – LG Art Lab Marketplace is based on the Hedera network. This allows TVs running webOS 5.0 or later to share digital artwork.
It’s unclear if the TV will integrate with other wallets or be limited to LG Wallypto, the company’s cryptocurrency wallet for smartphones, which is also available on the Art Lab Marketplace.
LG implements a number of Web3 solutions on its devices. In January, the company announced a partnership with cloud technology platforms Oorbit and Pixelynx to bring the metaverse right into the audience’s living room. It was reported at the time that the collaboration was designed to allow customers to explore interconnected virtual worlds, concerts, and AI multiplayer games through their LG TVs.
LG isn’t the only major technology company working on integrating Web3 into its products. Last year, rival Samsung announced a new line of smart TVs integrated with the NFT platform. The company is also heavily investing in NFT and metaverse projects through its venture arm Samsung Next.