LG Electronics to Discontinue Its NFT Platform 'Art Lab'

South Korea's LG Electronics is set to discontinue its NFT (non-fungible token) platform 'Art Lab,' a service it launched in 2022 for users of its smart TVs in the United States.

LG Electronics is shutting down its non-fungible token (NFT) platform ‘Art Lab,’ which was launched last year for users of its smart TVs in the United States, reports.

The service, which will officially terminate on June 17, was unveiled at the height of the global NFT boom.

It enables users of LG smart TVs released after 2020 to buy, view and sell digital artwork via a dedicated marketplace.

Through the platform, customers can purchase animated pieces that start from $60, while more exclusive works are sold for up to $3,800.

The move to close the platform was effectively signaled earlier this month when LG disabled the NFT purchasing function on March 10.

It is also giving users until the end of April to transfer any NFTs they currently own to their individual digital wallets.

In a statement, LG Electronics said the decision comes as part of a broader reassessment of opportunities in the rapidly evolving NFT landscape.

“We are closing down the LG Art Lab service and will no longer provide the service after June 17, 2024,” an LG Electronics spokesperson told.

“This decision is part of a broader initiative to identify new opportunities in the rapidly changing market trends.”

NFTs, which use blockchain technology to verify ownership of digital assets, came to the fore during the Covid-19 pandemic.

This was alongside growing interest in the metaverse, which are interconnected virtual worlds that can be accessed by multiple users.

However, the market has since cooled, leading to several companies scaling back or exiting related ventures.

Earlier this year, for instance, announced that it would be shutting down its own NFT platform, which was launched in 2021.

The move will see the company’s service, which allowed users to mint, buy, sell and display NFTs, wind down on April 13.

Industry watchers will now be turning their attention to see whether Samsung Electronics will continue offering its own NFT service amid the sector’s changing fortunes.

Like LG, Samsung also allows users to buy, sell and trade NFTs through a dedicated app that is available on its smart TVs and smart devices.