Mid-Cap Ethereum Rival Selected by Electronics Giant LG for NFT Partnership

South Korea-based LG Electronics has chosen the enterprise blockchain Hedera (HBAR) to power its non-fungible token (NFT) platform for smart TVs. 

LG’s newly launched NFT platform, LG Art Lab, allows users to buy, sell and trade NFTs on their LG smart TVs running webOS 5.0 or later. 

Chris Jo, senior vice president, head of platform business at LG Electronics spoke to TechCrunch about why the electronics giant chose to team up with Hedera.

He says Hedera is more energy efficient than other blockchains making it a viable choice for businesses and consumers that aim to reduce their carbon footprint.

“The Hedera Network consumes vastly less energy than any other public ledger, making it the ideal choice for sustainable initiatives and meaning that it can meet the ESG of modern businesses and investors.” 

Because the network uses only a fraction of the energy used by other blockchains, Jo says that it also charges allows for low fees for users.

LG Art Lab also uses LG’s crypto wallet for smartphones, Wallypto, to enable users to buy crypto collectibles on the app.

HBAR is up by 4.09% over the past 24 hours. At time of writing, the altcoin is changing hands for $0.063367.

Venture Capitalist and star of Shark Tank recently revealed that HBAR was part of his altcoin portfolio.

“Great team, good engineers. What’s the economic premise that would keep that growing?

Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds.

HBAR can deliver that, check the box there.”

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Featured Image: Shutterstock/Master1305