NFT enthusiasts may soon be able to purchase digital collectibles through their TVs.
South Korea's tech heavyweight, LG Electronics, is making waves with a new patent application for a blockchain-enabled smart TV, allowing to trade non-fungible tokens (NFTs) directly from their screens.
This intriguing development became public knowledge on May 11th when the World Intellectual Property Organization (WIPO) posted the details on its global database.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Ethereum & What is it Used For? (Animated Explanation)
As per WIPO's standard operating procedure, a patent application is usually published 18 months after the initial filing date. Therefore, it can be assumed that LG seems to have submitted this application around November 2021.
After submission for the patent, the authorities will thoroughly examine the proposal before deciding whether to grant or deny legal protection to the innovation.
LG's application reveals that the technology they're developing allows a TV device to sync with a crypto wallet and a server for the NFT market, making transactions possible. When the device is connected to an NFT market server, it displays QR codes on the screen, enabling users to complete transactions using their cryptocurrency wallets.
This move isn't LG's first foray into the NFT world. The company launched its NFT platform, LG Art Lab Marketplace, on the Hedera network in September 2022. The platform allows TVs running webOS 5.0 or later to trade digital artworks.
However, it's still uncertain whether the new TV will offer integration with various wallets or will be limited to LG's smartphone crypto wallet, Wallypto, which is also available on the Art Lab Marketplace.
LG's focus on incorporating Web3 solutions into its devices isn't slowing down. Earlier this year, the company announced collaborations with cloud-based technology platforms Oorbit and Pixelynx to bring the Metaverse directly to viewers' living rooms.
But LG isn't the only tech giant eager to integrate Web3 into its products. Last year, its rival, Samsung, also announced a smart TV lineup integrated with an NFT platform. Samsung is also investing heavily in NFT and Metaverse projects through its venture capital division, Samsung Next.
Moreover, the company recently joined forces with South Korea's central bank to test offline CBDC payments.