Consumer electronics giant LG Electronics has confirmed its interest in non-fungible tokens (NFTs) following the revelation of its latest patent filing.
The South Korean company previously filed a patent with the World Intellectual Property Organization (WIPO) for a smart TV to allow consumers to trade NFTs. As stated in the filing, the television will support blockchain technology and can be integrated with a digital currency wallet.
Users can access an NFT marketplace using the television as a primary device after connecting to LG’s Wallypto, the firm’s mobile digital currency wallet. Using a QR code displayed on the screen, users can use a camera from the TV to scan desired NFTs to complete purchases.
However, the patent filing failed to disclose which digital wallets can be integrated with the smart TV, but pundits asserted that being true to Web3 fashion, the offering will be interoperable.
“In one embodiment, the TV platform further includes a camera capable of obtaining an image of the TV platform in one direction through an image sensor, and the control unit is configured to use the user’s unique information obtained through the camera,” read the filing.
WIPO’s rule provides that patent applications are made public 18 months after the original application. By virtue of the regulations, it appears that LG filed its patent sometime in November 2021, at a time when NFTs were at their zenith in terms of transaction volumes and floor prices.
Since the highs of 2021, NFT adoption has taken a steep nosedive, falling by 83% in a single year. The decline was spread evenly among digital collectibles, art, and gaming as marketplaces faced a torrid patch.
The next phase is a substantive examination by WIPO to determine whether or not it will give “legal protection” to the invention.
LG wades deeper into Web 3
LG has thrown its weight behind blockchain and Web3 since 2020, launching its own NFT platform on the Hedera Network. Early in the year, the company inked a deal with technology firms Oorbit and Pixelynx to create a metaverse offering for its users.
“Our proprietary technology is the connective tissue that links virtual worlds together and makes it easy for developers and brands to bring their experiences into the metaverse,” said the company.
Other consumer tech companies are also actively exploring Web3 offerings for customers, with Samsung announcing a smartTV with NFT functionalities while funding metaverse firms via its venture capital arm.
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