The South Korean tech giant will seemingly be making its way into the digital asset industry by adopting blockchain technologies.
LG has been known for having plans to enter the crypto market after making a partnership deal with the cryptocurrency exchange Bithumb for an NFT marketplace. This time, the tech company will presumably be looking to launch its own blockchain products.
Based on a news report by Korea JoongAng Daily, LG Electronics has apparently approved its new business areas in blockchain and cryptocurrencies at a shareholders meeting. However, when interviewed by local journalists, a spokesperson of LG did not have a clear answer on the company’s plans for the future, stating that they’ve only "mentioned business areas in a broad manner."
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Likewise, at the same meeting, LG announced its partnership with a digital asset auction house called Seoul Auction Blue where the company would list its digitized art and sell it to the highest bidder. Even more so, last month, LG Electronics and scalable blockchain platform Kakao Ground X previewed its latest smart TVs with NFT support.
LG’s efforts for blockchain adoption could stem from its closest competitor’s Samsung development of NFT and metaverse innovations, supported by their newest Smart TVs.
In fact, just recently, Samsung C&T went into partnership with a blockchain gaming platform PlayDapp to work on a digital representation, or metaverse, of the tech giant’s real-life theme park called the Everland.