• The Hedera partnership with LG Art Lab could bring a new wave of enthusiasm for digital art and NFTs.
• LG has launched LG Art Lab which enables LG TV owners to buy, sell and showcase Hedera NFTs.
• Recent events in the crypto space such as fraud and scams may slow down the growth of interest in NFTs.
The NFT market and the crypto industry as a whole have been struggling in the year 2022. The industry has been plagued by scams and frauds, making it difficult for investors to trust the field. However, all hope may not be lost. Hedera and LG recently announced a partnership that could potentially bring a new wave of enthusiasm to digital art and the NFT market.
LG has launched a new television technology, LG Art Lab, which is integrated with a native NFT marketplace, allowing users to buy digital collectibles. Users are also able to display their NFTs on their TV screens. According to an interview with The HBAR Foundation’s Chief Legal Officer Jorge Pesok, more than 150 projects have been granted support by the company. This is huge for the NFT industry, as LG has a large market share in the home appliance industry.
Unfortunately, recent events in the crypto space may slow down the growth of interest in NFTs. Just this month, Logan Paul, a major influencer on YouTube, was investigated by Coffeezilla for defrauding his fans on his abandoned crypto project CryptoZoo. Such occurrences make it difficult to trust the industry and make people reluctant to invest in the sector.
Despite the negative events, Hedera and LG’s partnership is a ray of hope for the NFT market. The integration of LG Art Lab with the native NFT marketplace could help reinvigorate enthusiasm for digital art and the crypto industry. It could also help build trust in the industry and make people more willing to invest in NFTs. Only time will tell if this partnership will be successful in reviving the NFT market.