LG is shrinking Art Labs, allowing collectors to pull out NFTs before closing in June.
South Korean multinational electronics giant LG is lurking the LG Art Lab Platform, a market for impossible tokens launched to introduce digital art to the premium screen. In an announcement on its official website on Thursday, the company said it had made a “hard decision to close the platform” as the NFT space “continuing to evolve.”
The Art Lab, released in 2022, will officially close on June 17th. To help users transition, LG outlined two ways collectors and artists can transfer assets.
“The LG Art Lab team will automatically transfer assets currently in the LG Art Lab Marketplace to be resold by April 30th to collectors’ own wallets,” the company said, adding that users can manually move artwork or pull them out of the market.
“As this chapter approaches its conclusion, my passion for digital art and innovation continues to be strong and I look forward to how the NFT space continues to grow and evolve.”
Art Lab
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I’m looking for new opportunities
The company did not provide details on why it closed the LG Art Lab, but suggested a change in priorities, saying “it’s the right time to change focus and explore new opportunities.”
We live in Ethereum!
Discover, collect and display digital masterpieces from your LG Smart TV
First: @amadon
His work is currently available at LG Art Lab
– LG Art Lab (@lgartlab) August 20, 2024
Initially available only on the Hedera network, LG Art Lab later moved to Ethereum, but it remains unclear how much the migration had an impact on adoption. According to LG, ArtLab users’ customer support will be available until July 18th.
The move follows LG’s broader involvement in digital innovation. In 2023, the company collaborated with Metaverse companies Oorbit and Pixelynx to integrate the virtual experience directly into smart TVs. Oorbit’s technology is called “the thread that connects the virtual world,” and allows LG smart TV users to access AI-generated multiplayer games and virtual concerts through cloud streaming. LG has not shown whether its metaverse ambitions will continue beyond Art Lab’s closure.
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