Following Samsung, LG Planning to Add NFT Function to Flagship TVs

 

Following Samsung, LG Planning to Add NFT Function to Flagship TVs

The capacity to show, purchase or even mint NFTs is seeping into mainstream merchandise from South Korea`s biggest corporations.

At the beginning of 2022, several New Year greetings letters from  Korean companies sent to the public included a trending term: NFTs (non-fungible tokens). While many executives have promised a real push to expand NFT in the new year, major South Korean companies - Samsung, LG Electronics, and Shinhan Card - have come up with plans to incorporate token technology.

This week at the 2022 Consumer Electronics Show, Samsung announced its new line of smart TVs, which employers see as a step forward in TV technology. 

" In 2022, Samsung introduces the world's first TV display based primarily on the fully NFT market explorer and aggregator, a revolutionary platform that helps you browse, buy, and present your work art - a multi-functional place", the employer explained that he saw the possibility of a growing demand for NFTs and a need for connection between NFT buyers and those viewing them. 

In addition to purchase and presentation capabilities, potential consumers of virtual artwork can view NFT records and blockchain metadata on the platform. Details on whether Samsung's NFT platform will be converted into an integrated residence or in partnership with an external employer have no longer been disclosed. 

LG Electronics, one of Samsung's biggest competitors, held a press conference the afternoon after Samsung's announcement in which Park Hyungse, the pinnacle of LG's home entertainment business, discovered that the owner "certainly" had a plan. to accommodate NFT capabilities in its TV lineup. Park introduced that LG Electronics' stylish natural LED TV is optimized for presenting works of art. 

While the potential of Samsung and LG's NFT TV platforms may want to provide a whole new impetus to show virtual artworks nationwide at a gallery-like stage, a few skeptical of its function as a buying and selling platform.

A 25-year-old Chung Seung-mo, a South Korean cryptocurrency investor who has been keeping a close eye on the NFT market, is one of them. “There is no factor in the fact that my TV has a platform to buy and sell NFTs. Nevertheless, I don't think that buying NFTs on  a TV would be a completely enjoyable experience when surfing the Internet with what is called a Smart TV is very inconvenient.”

One person tweeted, "I don't understand what their approach is. I mean, if you go out and find the NFT you want, your first intuition is most likely not on the TV because the  TV isn't mobile.” NFT platform for large display TVs. There seem to be more skeptics than fanatics about improving social media platforms.

LG and Samsung, are the two largest players in the international TV market, and their choice to introduce the new TV Trail's NFT capabilities could also make additional NFTs available to families around the world. According to Statista.

accounting for about 30.8% of the global market in 0.33 regions as of the end of the year, followed by LG Electronics with 19%.

Dae-jong, professor of business administration at Sejong University, said in an interview that Samsung and LG's new NFT functions are no longer the most effective in the NFT market, but they can also have a positive impact on the digital foreign exchange market.

In addition to electronic manufacturers, a major player in the Korean currency sector is also preparing goods linked to the NFT. Shinhan Card, arguably one of the top credit card corporations in South Korea, posted an NFT operator the day before on Shinhan pLay, its payments, and lifestyle app. The service provider, named My NFT, allows customers to use Shinhan Cards to own their tangible assets or memorable occasions as an NFT. 

In partnership with trading firm Block Odyssey, Shinhan built NFT support on top of Kakao's blockchain, Klaytn. One can actually start creating NFTs by connecting the playing app with Kakao's messaging app, KakaoTalk, the dominant messaging app in  Korea with an 86.5% market share. Since Shinhan specializes in importing and storing  NFTs, the app no ​​longer supports customers to exchange or distribute NFTs. 

Shinhan Card said it will continue to strengthen its service offering with various dealers using NFT. He's currently building a service provider with Bungaejangter Inc., a platform to buy and sell used items that use NFT as insurance to prove the authenticity of a registered product.

Jamie Lamten

Jamie Lamten is a writer and investor in crypto, provides his opinions and the latest news about non-fungible tokens.

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