PANews reported on March 21 that, according to The Verge, LG is shutting down its television-oriented Non-Fungible Token (NFT) market Art Lab. LG announced on its website that it has made a "difficult decision" to close the platform on June 17. The company said that starting 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 before April 30. LG stated: "As the NFT field continues to evolve, we believe now is the right time to shift our focus and explore new opportunities." The platform will be fully closed by June.
LG launched the Art Lab application during the 2022 NFT hype, promoting it as a way to "buy, sell and enjoy high-quality digital artworks" through television. It added new digital art to the platform through "groundbreaking" NFT drops, and users could complete transactions by scanning QR codes and making purchases through LG's Wallypto cryptocurrency wallet application. At launch, LG Art Lab ran on the Hedera network, which uses a blockchain alternative called Hashgraph, but expanded to Ethereum last year.
