LG Electronics files patent for NFT-trading TV

South Korean tech company LG Electronics has submitted a patent application for its blockchain-based Smart television that permits users to trade nonfungible tokens (NFTs). The details was released on WIPOs worldwide database for copyright on May 11. According to WIPOs documentation, a patent application is published 18 months after the filing date or the concern filing. Based upon this timeline, LGs application was submitted in November 2021. The next steps include substantive examination, followed by approving or declining legal security to the development. According to LGs application, its innovation enables gadgets to get in touch with a crypto wallet and an NFT market server to enable deals. When linked to an NFT market server, the gadget includes onscreen QR codes that let users complete transactions by means of a cryptocurrency wallet.A partial drawing of the proposed patent. Source: Wipo. The application follows the release of LGs own NFT platform last September — the LG Art Lab Marketplace is based on the Hedera network. It allows TVs running webOS 5.0 or later on variations to trade digital artworks.Its unclear if the TV will integrate with various wallets or be restricted to LGs Wallypto, the businesss mobile phone crypto wallet, which is likewise offered on its Art Lab Marketplace. LG is onboarding a series of Web3 solutions on its devices. In January, the business divulged a collaboration with cloud-based innovation platforms Oorbit and Pixelynx to bring the metaverse straight into audiences living spaces. At the time, Cointelegraph reported that the collaboration was created to permit consumers to check out interconnected virtual worlds, shows and expert system multiplayer games through their LG TVs.LG is not the just huge tech business working to incorporate Web3 into its products. In 2015, its competitor Samsung announced a new clever television lineup integrated with an NFT platform. The business is likewise actively investing in NFT and metaverse projects through its venture capital arm, Samsung Next.Magazine: 4 out of 10 NFT sales are fake: Learn to find the indications of wash trading

Other Questions People Ask

What features will LG Electronics' NFT-trading TV offer?

The NFT-trading TV developed by LG Electronics will allow users to trade nonfungible tokens (NFTs) through a blockchain-based system. It will connect to a crypto wallet and an NFT market server, enabling seamless transactions. Users will be able to complete trades using onscreen QR codes, making the process user-friendly and accessible.

How does LG's NFT-trading TV compare to Samsung's offerings?

LG Electronics' NFT-trading TV is part of a growing trend among tech companies, including Samsung, which has also integrated NFT platforms into its smart TVs. While LG's innovation focuses on connecting with its own mobile crypto wallet, Wallypto, Samsung has been actively investing in NFT and metaverse projects through its venture capital arm. Both companies are exploring Web3 solutions, but LG's approach emphasizes direct trading capabilities through its Art Lab Marketplace.

When was LG Electronics' patent for the NFT-trading TV filed?

LG Electronics filed its patent application for the NFT-trading TV in November 2021, as indicated by the timeline provided by WIPO. The details of this application were published on May 11, 2023, following the standard 18-month waiting period. This timeline suggests that LG is actively pursuing legal protection for its innovative technology in the rapidly evolving NFT space.

What is the significance of LG's NFT platform in relation to the new TV patent?

LG's NFT platform, the LG Art Lab Marketplace, plays a crucial role in the functionality of the upcoming NFT-trading TV. Launched in September 2022, this platform allows users to trade digital artworks and is based on the Hedera network. The integration of this marketplace with the new TV will enhance user experience by providing a dedicated space for NFT transactions directly from their living rooms.

What are the next steps after LG Electronics files its patent for the NFT-trading TV?

After filing the patent for its NFT-trading TV, LG Electronics will undergo a substantive examination process to determine whether the patent will be approved or declined. This step is essential for securing legal protection for their innovative technology. If approved, LG can proceed with developing and marketing their NFT-trading capabilities, potentially setting a new standard in smart television functionality.