LG Pulls the Plug: TV NFT Marketplace Art Lab to Shut Down

LG is pulling the plug on its NFT marketplace for smart TVs, Art Lab, effective June 17th. Launched during the 2022 NFT boom, the platform allowed users to buy and sell digital artwork directly from their televisions. The company cited a shift in focus within the evolving NFT space as the reason for its closure.

The Rise and Fall of LG Art Lab

LG Art Lab debuted in 2022, aiming to integrate the burgeoning NFT market with home entertainment. It offered a unique way for users to acquire digital art, leveraging LG's Wallypto crypto wallet app for transactions. The platform initially operated on the Hedera network before expanding to Ethereum last year.

NFT prices on Art Lab varied significantly, from under $60 for animated pieces to over $3,800 for single-edition artworks, sometimes exceeding the cost of LG's high-end televisions.

Key Takeaways

• Purchases on LG Art Lab ceased on March 10th.

• Users' existing NFTs will be automatically transferred to their personal wallets by April 30th.

• The platform will officially shut down on June 17th.

• LG stated the decision was made to "shift our focus and explore new opportunities" in the evolving NFT landscape.

What This Means for NFT Enthusiasts

The shutdown of LG Art Lab highlights the volatile nature of the NFT market. While LG is exiting this specific venture, the company's statement suggests a potential pivot rather than a complete abandonment of digital asset exploration. This move follows a similar offering from Samsung, which still maintains its NFT TV marketplace.

For users who purchased NFTs through Art Lab, the automatic transfer to their personal wallets ensures continued ownership of their digital assets, albeit outside of LG's dedicated platform.

Sources

• LG’s NFT marketplace for TVs is shutting down, The Verge.