Electronics firm LG is seeking patent protection for a television that enables users to trade non-fungible tokens (NFTs).
The device would be able to establish a connection with an NFT market server, receive and display preview artwork and fulfil purchases via the user’s cryptocurrency wallet which would be connected to the TV.
LG began its work bringing NFTs to its TVs last September with the release of its Art Lab marketplace which was plugged into Hedera Network, on which LG has been a node operator since 2020..
The move to file for a patent suggests that LG sees ongoing consumer demand for NFTs in the future and sees a business case for making them more accessible.
According to WIPO’s documentation, a patent application is published 18 months after the filing date or the priority filing. Based on this timeline, LG’s application was submitted in November 2021. The next steps include substantive examination, followed by granting or refusing legal protection to the invention.
According to LG’s application, its technology allows devices to connect with a crypto wallet and an NFT market server to enable transactions. When connected to an NFT market server, the device incorporates onscreen QR codes that let users complete transactions via a cryptocurrency wallet.
The South Korean firm is not the only electronics giant to have spotted an opportunity in bringing NFTs to TVs. Samsung released an NFT marketplace on three of its TVs in January 2022, supported by Nifty Gateway.
LG is not the only big tech company working to integrate Web3 into its products. Last year, its competitor Samsung announced a new smart TV lineup integrated with an NFT platform. The company is also actively investing in NFT and metaverse projects through its venture capital arm, Samsung Next.
