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South Korea’s LG Electronics Files For NFT-Trading TV Patent

A recent report published on WIPO’s global database for intellectual property disclosed LG Electronics’ application to acquire an NFT trading patent for its Smart TV. 

Notably, the WIPO guide states that a filing application can only be published after 18 months. As such, the South Korean tech company filed for the patent in November 2021. Now LG is awaiting the remaining steps to grant or deny the patent. 

LG’s Technology Supports NFT Trading On Smart TV

The LG technology will enable users to connect their crypto wallet and an NFT market server for trading. 

After connecting to the NFT server, users will see an onscreen QR code to enable them to transact through their crypto wallet.

Before this patent application, LG launched an NFT platform, “LG Art Lab marketplace,” in September 2022.  

The platform launched on the Hedera network which allows all smart televisions running webOS 5.0 or the later versions to trade digital arts. 

Users can buy and sell high-quality digital artwork on the Smart TV home screen. Also, the platform features “LG Art Lab Drops” to profile artists and preview new works intending to launch. 

For now, the company hasn’t said whether the Smart TV will accommodate other wallet apps besides LG’s smartphone crypto wallet, Wallypto, which is also used on the Art Lab Marketplace. 

Big Tech Companies To Integrate Web3 Solutions On Smart Devices

Besides the recent technology to support NFT trading on Smart television, LG plans to integrate other solutions on its devices. 

The company partnered with cloud-based tech platforms, Oorbit and Pixelynx, to integrate Metaverse on big screens. Oorbit announced on Twitter, proclaiming its excitement about the partnership. 

According to the reports, the partnership aims to bring “interoperable virtual worlds to LG TVs.” The partners will simplify the way consumers interact in the metaverse, ensuring immersive gaming and experiences in the virtual world. 

Oorbit stated that scaling its technology for the millions of customers who use LG TVs is a great way to bring the metaverse closer to the people.

Before the partnership, LG had expanded its business development goals to include crypto and blockchain-based software development.

LG disclosed two plans based on the report during last year’s annual general meeting. The first objective is to develop and sell blockchain-based software, while the second is to sell and brokerage cryptocurrency. 

There were hints and speculations that LG might launch a crypto exchange. But its spokesperson stated that the company hasn’t decided but just revealed its plans to branch out.

South Korean LG Electronics Files For NFT-Trading TV Patent

Apart from LG Electronics, Samsung has also become a big player in the NFT and Metaverse sectors through its venture capital arm, Samsung Next. 

The electronics giant announced in early 2022 that its new smart TV product lineup, including Micro LED, The Frame, and QLED, will have an NFT marketplace.

-Featured Image Source: Pexels, Chart: TradingView

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Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets

Last week, Cardano network launched Pavia, a gaming application on the Metaverse. This stands as the first metaverse project operated on the Cardano blockchain.

The use of non-fungible tokens (NFTs), which operate with the same blockchain technology as cryptocurrencies, is increasing. They enable investors to get tokenized assets of their favorite art items, idols, places, etc. NFTs create representations of both tangible and non-tangible items.

According to its design, Pavia has about 100,000 land parcels issued. Each land parcel’s minting is a non-fungible token, NFT, that possesses individual coordinates.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

The pre-selling of the parcels kick-off since 2021 with more than 60% done between October and November. Also, there is a rush for the remaining portions which will be on sale within the first quarter of 2022.

The functionality of Pavia’s native token is as an in-game asset. An airdrop of Pavia’s native token was made to NFT landholders. This was after the blockchain’s snapshot in December 2021.

According to data from MuesliSwap, a Cardano-based exchange, Pavia tokens are selling around 20 cents per coin at the press time. Also, it has a market cap of more than $107 million.

ADA shows a 6% decline on daily chart | Source: ADA/USD on TradingView.com

Furthermore, Pavia landowners are more than 8,300. The data has it that the users were unable to deploy assets over their land on Monday. Caution documents from Pavia have warned customers that they can neither visit nor deploy content to the plots. This was due to the development stage of the land parcels.

More Craving For Metaverse Projects On Cardano

The emergence of Pavia on Cardano is during the period of incredible carvings for virtual parcels of land. Presently, the sale of virtual plots of land runs into millions of dollars on several blockchains such as Ethereum.

The value for land plats on Pavia runs as huge as 30,000 Cardano on CNFT, the Cardano NFT marketplace. This amount is equivalent to about $45,600 at the press time.

The Metaverse is recently getting more attention. It is a virtual world that provides people with unrestricted interactions like the real world.

This distinguishing factor is its digitalization of operations. The functionality of the Metaverse is attracting several firms as they intend to create their appearance on the platform.

One of the companies interested in the Metaverse includes Binance.US, developing on Portals, an office. Portals is a Solana-based metaverse project.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Also, Samsung, a global electronics maker, launched a metaverse brand of its New York City flagship store. This launching took place this January on Decentraland.

Featured Image From Britannica and chart from TradingView.Com

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How Samsung Will Help The Bank Of Korea With CBDC Development

Started by the end of July 2021, the Bank Of Korea central bank digital currency (CBDC) project has been gaining traction. Per a report by the Korea Times, the project will be aided by electronics company Samsung.

The company and the financial institution will build the platform that will support the CBDC. In addition to Samsung, the Bank of Korea has brought in other partners from the private sector, such as Ground X, a blockchain-based division from another company called Kakao.

The Times cited a source on an executive position to support its claims:

Samsung Electronics has recently decided to participate in the BOK-led CBDC pilot project, under which interested parties will research the practicalities of the CBDC in a test environment.

Representatives from Samsung and the Bank of Korea have spoken about the benefits of CBDCs and their potential to improve the country’s payment system. The Times claims that Samsung and the Bank of Korea will test the “usability” of blockchain systems on the Galaxy mobile.

Specifically, the Kakao consortium and Samsung Group’s two tech affiliates will launch a pilot program aimed at checking on money transfers and remittances between countries, issuing and distributing the CBDC and monitoring how that eventually works in virtual environments.

Samsung To Test CBDC Functionality With Its Smartphones?

The sources quoted by the report said the project will have two main focuses on the Samsung side: the capacity to conduct payments to other devices and the possibility

(…) payments via mobile phones using the digital currency with no internet availability, or to send CBDC remittances to other mobile phones or to other connected bank accounts.

The objectives will be carried out by the company’s IT unit and an affiliate called Escor. These entities will handle the procedures for the experiments with the central bank digital currency (CBDC), the Times reported.

Apparently, high-ranking officials at the Central Bank of Korea have dismissed cryptocurrencies and their potential to improve the current financial systems, mainly due to the volatility of the assets. However, China’s own digital currency, the e-CNY or digital yuan, has brought concerns to its neighbors in Asia.

The development of South Korea’s CBDC will initially operate in a virtual environment during its test phase. Samsung and other partners involved will look for issues and bugs and the technical limitations of the project.

Later, in mid-2022 the project will be focused on “offline payments”, e-commerce, remittances, and other applications. The CBDC will allegedly also have advance privacy features developed in collaboration with private banks.

At the time of writing, Bitcoin trades at $49,913 with a 2% loss in the 24 hours chart.

BTC with minor losses after rejection at the high $40,000 in the daily chart. Source: BTCUSD Tradingview