LG has new metaverse news for both the NFT and metaverse worlds. At the Consumer Electronics Show in 2023, the Korean tech titan delivered a multitude of metaverse-related announcements.
In a series of announcements made during this year’s Consumer Electronics Show, the South Korean consumer technology company LG Electronics expanded its metaverse ambitions.
NFT enthusiasts may now utilize the Blade Wallet service to purchase, sell, and trade their digital artwork at home using their LG smart TVs and the LG Art Lab platform.
Blade Wallet is defined as a “security audited Web3 wallet on the Hedera network”; Hedera employs Hashgraph, which has been described as an alternative to blockchains.
LG enabled NFT trading for all US LG smart TVs running webOS 5.0 or higher in September, however customers were limited to LG’s own blockchain wallet Wallypto.
In addition, LG smart TV viewers may now access Sansar, a “social platform” based on a User Generated Market (UGM) economy.
Users will reportedly be able to access live real-time events such as concerts via cloud provider Ubitus.
LG has also teamed with cloud streaming company Oorbit to offer the “interoperable metaverse” to LG smart TV.
Users will apparently be able to enjoy virtual worlds and experiences such as virtual concerts hosted on the music-focused gaming platform ELYNXIR and AI generative multiplayer games hosted on the Auxworld platform thanks to the agreement.
Metaverse interest cools
Although LG is placing a large bet on the metaverse at CES 2023, interest in the concept appears to have waned since it was named the 2022 Word of the Year by the Oxford English Dictionary.
Post-March 2022, the user bases of some renowned metaverse platforms, notably The Sandbox and Decentraland, declined by around 80%, while The Sandbox owner Animoca Brands decreased its metaverse investment fund goal to $1 billion.
Meanwhile, Meta’s stock has declined by nearly 60% since the company rebranded and began migrating to a business strategy centered on the metaverse.
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