LG Electronics, a South Korean technology company, has submitted a patent application for its blockchain-based smart TV, a May 2023 filing on the World Intellectual Property Organization (WIPO) global database for intellectual property has shown.
According to the 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.
Based on LG’s application, its technology allows devices to connect with a crypto wallet and an NFT market server to enable transactions. Once connected to an NFT market server, the blockchain-based smart TV incorporates onscreen QR codes. These QR codes enable users to carry out transactions using a cryptocurrency wallet directly from their television.
LG’s Illustration of its NFT TVThe electronic giant launched its NFT platform in September 2022 – the LG Art Lab Marketplace – based on the Hedera Network. The platform allows TVs running webOS 5.0 or later versions to trade digital artworks.
It is uncertain whether the TV will support multiple cryptocurrency wallets or if it will be limited to LG’s own Wallypto wallet. LG Electronics’ smartphone crypto wallet, Wallypto, is already available on its Art Lab Marketplace.
In January 2023, LG Electronics announced a partnership with cloud-based technology platforms, Oorbit and Pixelynx. This collaboration aimed to bred space directly into viewers’ living rooms through LG’s smart TV technology.
That collaboration was envisioned to allow customers to explore interconnected virtual worlds, concerts, and artificial intelligence multi-player games through their LG TVs, the parties had said at the time.
LG is not the only TV-maker investing in NFT TV’s.
Samsung, a competitor of LG Electronics, made an announcement in 2022 about its new smart TV lineup that incorporates an NFT platform.
Samsung is demonstrating active investment in NFT and metaverse projects through its venture capital arm, Samsung Next.
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