Yesterday, the World Intellectual Property Organization (WIPO), a global platform specializing in intellectual property information, published a description of a "Television (TV) platform linked with non-fungible token (NFT) market and a method for controlling the TV platform." According to the document, this invention belongs to Changsu Ha, who developed the platform for LG Electronics.
In all likelihood, the leading electronics manufacturer is now seeking a patent for the device, which will be integrated with the NFT platform LG Art Lab launched in September 2022. It took LG Electronics only about eight months to develop the platform which allowed the company to implement NFT discovery, purchasing, and trading features into its smart TVs. Initially, the platform was available in the US exclusively to users of LG TVs running webOS 5.0 or higher.
"When displayed on the cinematic 16:9 aspect ratio screens of LG 's TVs, NFTs come fully to life- especially on the company's OLED TVs, which leverage self-lit pixels to deliver infinite contrast, inky blacks, and exceptional color accuracy," the official 2022 press release from LG Art Lab reads, claiming that, "delivering outstanding picture quality and offering several, large screen sizes to choose from, LG 's state-of-the-art TVs are the perfect medium for displaying one's NFT collection."
NFT trading was enabled by integrating the platform with Wallypto, a crypto wallet that LG Electronics had previously developed for smartphones using the distributed ledger Hedera. Before building the wallet, LG Electronics had joined the Hedera network as one of its thirty-nine Global Governing Council organizations, including IBM, Deutsche Telekom, and Google, which are "committed to network innovation, stability, and its continued decentralization."
As per the official documentation, the description of the invention filed for patent by LG Electronics consists of a "memory including a cryptocurrency wallet and a control unit which accesses the NFT market server" as well as display and sound units as output units.
"While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started. LG Art Lab is designed to allow millions of users in the U.S. to easily access and display NFTs without having to interact with code or directly with a blockchain themselves," Chris Jo, LG Electronics senior vice president, explained the purpose of LG Art Lab to TechCrunch in 2022.