LG ventures into metaverse planning a TV for issuing and trading NFTs

4 weeks ago
2 mins read

Given the ability of the metaverse and non-fungible tokens (NFTs) to offer new and interactive avenues for companies to connect with consumers, more firms continue to warm to the sector with the intent to launch different products. 

Electronics giant LG is now the latest company to focus on the metaverse by filing non-fungible tokens (NFT) trademarks for its LG ART LAB. The trademark application was shared in a tweet by licensed trademark attorney Michael Kondoudis on July 19. 

The NFT application filed on July 14 indicates that L.G. plans to offer T.V. software for issuing and trading NFTs, software for NFT and crypto transactions, digital token brokerage, and wealth management. 

According to the application before the United States Patent and Trademark Office (USPTO), LG also plans to provide e-wallet payment services and software for exchanging electronic money in the metaverse. 

LG’s inroads into NFTs 

The application comes after L.G. had initially released various products around the NFT sector. In May, the company indicated that it was working with new media artist Refik Anadol to display NFT artwork on the company’s transparent OLED TVs. The company noted that the NFT collection utilizes video, audio, and health data.

Besides LG, Samsung, another South Korean electronic giant, also unveiled different products under NFTs. Samsung introduced an NFT platform for its T.V.s allowing consumers to purchase NFTs through their devices.

Other notable applications include eBay (NASDAQ: EBAY), which seeks to offer NFT exchanges and NFT trading, virtual goods marketplaces, and online retail stores with physical and virtual goods. 

As reported by Finbold, global payment facilitator Mastercard International Inc. (NYSE: M.A.) also seeks to offer a range of products in the metaverse. 

Generally, leading global brands from different sectors have been intending to enter the metaverse through trademark applications. As per a Finbold report, in the U.S. alone, the number of NFT-related trademarks surpassed 4,000 between January 1 to May 31, 2022. 

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Justinas Baltrusaitis

Justin crafts insightful data-driven stories on finance, banking, and digital assets. His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others.