LG calls its artificial laboratory, so that collectors can withdraw NFTs before the closure in June.
The South Korean Multinational Electronics Tycoon LG is winding its LG Art Lab platform, a marketplace for non-leaser tokens that is launched to bring digital art to its premium screens. In a Thursday announcement on his official website, the company said it “made the” difficult decision to close the platform “while the NFT room” continues to evolve. “
Art Lab was launched in 2022 and will be officially closed on 17 June. To help users switch, LG outlined in two ways for collectors and artists to transfer their assets.
“LG Art Lab Team will automatically transfer the assets that are currently taking place in LG Art Lab Marketplace to re -sell to collectors Own Wallets by 30 April,” said the company, adding that users can move their artworks manually or can be pulled off the market.
“Although this chapter is coming to an end, our passion for digital art and innovation remains strong and we look forward to seeing how the NFT space continues to grow and evolve.”
Artificial lab
Maybe you also like it: Marina Abramović works together with Taex for new Gamified NFT collection
Look for new opportunities
Although the company did not give any details about why the LG Art Lab closed, it still hinted to shift priorities and say: “It is the right time to shift our focus and explore new opportunities.”
We are life on Ethereum! ⛓️
Discover, collect and show digital masterpieces directly from your LG Smart TV
First: @amadon
Its work now available on LG Art Lab
– LG Art Lab (@lgartlab) August 20, 2024
Initially only available on the Hedera network, LG Art Lab later migrated to Ethereum, although it remains unclear how much that transition the acceptance influenced. LG says that customer support for art lab users will be available until July 18.
The move follows the broader involvement of LG with digital innovation. In 2023, the company collaborated with Metaverse companies Oorbit and Pixelynx to integrate virtual experiences directly into its SMART TVs. The technology of earbit was described as “the thread that binds virtual worlds together”, giving LGs Smart TV users access to AI-generated multiplayer games and virtual concerts via cloud streaming. LG has not indicated whether his metaillary ambitions will go beyond the closure of Art Lab.
Read more: LG Electronics to launch Wallypto Crypto Wallet
