PANews reported on March 21 that according to The Verge, LG is shutting down its NFT marketplace Art Lab for TVs. In a notice posted on its website, LG said it had made the "difficult decision" to shut down the platform on June 17. The company said that from March 10, users will no longer be able to make purchases on the platform. The LG Art Lab team will automatically transfer their NFTs to their own wallets by April 30. "As the NFT field continues to grow, we believe now is the right time to shift focus and explore new opportunities," LG said. The platform will be completely closed in June.
LG launched the Art Lab app during the NFT craze in 2022, advertising it as a way to "buy, sell and enjoy high-quality digital art" through your TV. It added new digital art to the platform through "groundbreaking" NFT drops, which users can purchase through LG's crypto wallet app Wallypto by scanning a QR code to complete the transaction. At launch, LG Art Lab ran on the Hedera network, which uses a blockchain alternative called hashgraph, but expanded to ethereum last year.
