Unveiled on WIPO’s global intellectual property database on May 11, South Korean tech powerhouse LG Electronics has taken a significant leap in the blockchain sector with its groundbreaking patent application. This patent application pertains to the company’s innovative blockchain-based Smart TV, a unique technology that facilitates the trading of non-fungible tokens (NFTs) on the television screen.
The Timeline and Process of LG’s Blockchain Patent Application
The World Intellectual Property Organization’s (WIPO) records reveal that patent applications typically surface in the public domain 18 months after the filing date or the priority filing date.
This timeline implies that LG Electronics submitted its groundbreaking patent application in November 2021. The forthcoming stages involve an exhaustive examination and, subsequently, the granting or denying of legal protection for the invention.
LG’s blockchain-based Smart TV technology is set to revolutionize how users interact with NFTs. According to the details available in the application, this inventive technology allows devices to interface with a cryptocurrency wallet and an NFT market server, thereby facilitating seamless transactions.
With a connection established to an NFT market server, the device incorporates an onscreen QR code, enabling users to finalize transactions via their cryptocurrency wallets.
The Birth of LG’s Proprietary NFT Platform
LG’s foray into the blockchain space doesn’t stop there. The company launched its proprietary NFT platform – the LG Art Lab Marketplace – in September of the previous year. Based on the Hedera network, this groundbreaking platform allows TVs powered by webOS 5.0 or subsequent versions to trade digital artworks effortlessly.
At this stage, whether this TV will collaborate with various wallets or confine itself exclusively to LG’s Wallypto, the company’s homegrown smartphone crypto wallet remains unclear. This crypto wallet is also accessible via the Art Lab Marketplace.
LG Electronics is steadfastly moving towards integrating a broad spectrum of Web3 solutions into its devices. Earlier in January, the company revealed an alliance with cloud-based technology platforms Oorbit and Pixelynx.
This collaborative effort aims to transport the metaverse directly to the viewers’ living rooms via their LG TVs, enabling them to explore interconnected virtual worlds, concerts, and AI-powered multiplayer games.
The Race Towards Web3 Integration: LG and its Competitors
LG isn’t the sole tech giant striving to integrate Web3 into its products. Its chief competitor, Samsung, announced a new lineup of smart TVs integrated with an NFT platform last year.
Additionally, Samsung is proactively investing in NFT and metaverse projects through its venture capital wing, Samsung Next, indicating the tech industry’s widespread adoption of these emerging technologies.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.