Following some other technology companies, LG has also become interested in the possibilities of NFT. For example, the company launched the new LG Art Lab platform, available on its TVs running webOS 5.0 or later.
In fact, LG Art Lab is a marketplace for buying and selling non-fungible tokens, available right on the main TV screen. It is based on the Hedera network and uses the new LG Wallypto mobile wallet to store digital assets. The platform offers a countdown feature with NFT exit reminder. So far, only users in the United States can use the NFT market built into TVs.
The LG Art Lab platform came out at a bad time. Judging by the daily trading volume on OpenSea, the public has lost interest in non-fungible tokens. On August 28, the trading platform processed $5 million worth of NFT transactions, which is 99% less than the record value of $405.75 million recorded on May 1, 2022. Over the same period, the floor price of some of the most sought-after NFT collections has also been reduced. At the beginning of May, the Bored Ape Yacht Club token was worth at least 153.7 Eth (about $434,000 at the exchange rate at that time). By August 28, it could be bought for just 73 Eth (a little over $105,000).
Bill Gates: NFTs are 100% based on the Bigger Fool Theory
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Source: Engadget
