LG Heightens Metaverse Ambitions in 2023
The South Korean tech company issued a series of metaverse-oriented projects in 2023.
LG Electronics utilized the Consumer Electronics Show to announce the doubled operations within the metaverse ecosystem.
LG Increased Affinity to Metaverse
The Korean electronic giant notified the NFT aficionados of the capability to access Blade Wallet services from their smart TVs. It indicated that the users could purchase, dispose and trade digital artwork using the Art Lab application installed within the LG smart TVs.
LG considers Blade Wallet a web3-based platform whose functionality is security audited and founded upon the Hedera network. LG’s address echoed previous statements that Hedera utilizes Hashgraph- distributed ledger technology, portrayed as an alternative to the popular blockchain.
LG has in the past announced the capability of NFT trading using smart TVs in the US. The September announcement indicated that such functionality was supported in LG TVs utilizing webOS 5.0. Nevertheless, users could only utilize the LG-affiliated proprietary blockchain wallet – Wallypto.
LG’s Huge Bet on Metaverse
LG indicated that the metaverse-based Sansar is accessible to smart TV users. The social-oriented platform is developed upon the user-generated market economy. Besides, LG demonstrated that Sansar is further enabled through Ubitus to allow the users to access events in their real-time occurrence.
Besides Sansar, LG partnered with Oorbit to introduce the interoperable metaverse-based cloud streaming to the LG smart TVs. The partnership seeks to empower users to optimize their virtual experiences.
LG anticipates the users to experience virtual events, particularly those provided via the ELYNXIR, music-focused gaming. Also, LG announced the availability of multiplayer games capable of generating artificial intelligence established upon the Auxworld platform.
Is Metaverse Interest Cooling?
LG’s huge bet on the metaverse coincides with the popularity of the ecosystem in 2022. In particular, metaverse emerged among the word entries in the 2022 Oxford English Dictionary.
Nevertheless, metaverse urgency has declined, as illustrated by the downtrend in Decentraland and Sandbox.
Recently Animoca Brands – the developer of Sandbox, declared reducing the metaverse investment fund by 50% to cap it at $1 billion. Also, Meta has suffered plummeting stock prices since rebranding to prioritize a metaverse-based business model.
Editorial credit: MOZCO Mateusz Szymanski / Shutterstock.com
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