Mainstream companies are rushing to file patents and apply for trademarks seeking to become the leaders in the Web3 and NFT spaces. Notably, electronics firms are intensifying their efforts in the Web3 space. The latest to come in is LG Electronics. The tech giant confirmed that it has filed a patent for its Smart TV.
Notably, its blockchain-based TV is ideally designed to enable users to buy, sell, and trade NFTs. The WIPO’s global database for intellectual property (IP) on May 11 published that information, saying that the patent application is normally published up to 18 months after the filing date or priority filing. Hence, LG’s application got filed in November 2021.
LG Patent Application Now Published
LG has always been at the forefront in terms of technological advancements and customer service. In that context, the patent application indicates that LG’s technology will enable devices to link with a crypto wallet and a nonfungible token (NFT) market server to help facilitate transactions.
This technology would consist of onscreen QR codes when the device gets linked to an NFT market server to enable users to complete transactions through their crypto wallet.
LG’s new NFT platform comes after the release of its platform, the LG Art Lab Marketplace, which happened in September 2021. It was designed and published on the Hedera network.
This platform allows webOS 5.0 or later versions to trade various digital artworks. It is still not clear whether the TV will incorporate different wallets or will be restricted to LG’s Wallypto. Wallypto is the firm’s smartphone crypto wallet that is available on its Art Lab Marketplace.
LG has decided to onboard MULTIPLE Web3 solutions on its devices. In January last year, the firm sealed a deal to partner with technology firms, Pixelynx and Oorbit, to introduce the metaverse to users of their televisions. The partnership will enable its clients to explore virtual concerts, worlds, and other things via their televisions.
Electronics Firms Now Investing In Web3 Products
Currently, LG is not the only tech company that is looking for ways to integrate Web3 into its products. In 2021, Samsung said that its smart TV was integrated with a nonfungible token platform. Notably, Samsung is actively investing in the metaverse and NFT projects via its venture capital department, Samsung Next.
The company’s next steps include a practical examination, followed by the refusal or granting of legal protection for the advanced invention. The patent application highlights its interest in the blockchain space and its unwavering efforts to integrate it into its various devices.
This incorporation of blockchain technology into different devices has the potential to massively revolutionize the way individuals interact with their televisions, making them more than just passive types of entertainment devices. By letting users trade NFTs, LG’s Smart TV may open up new revenue streams for content creators and artists, offering them a new method of monetizing their work.
The firm’s blockchain-based Smart TV patent application shows the firm’s interest in blockchain technology and its efforts to integrate it into its devices. This incorporation of Web3 solutions in its devices shows the firm’s efforts to remain in the lead in the technology race and provide new and innovative experiences to its users.
