LG has decided to close its Art Lab NFT marketplace on June 17th, citing it as a difficult decision influenced by the NFT market's evolution. Originally launched in the NFT boom of 2022, the platform allowed users to buy and sell digital art via their TVs, with transactions facilitated through the Wallypto app. Despite offering a variety of NFTs, including high-value pieces, the marketplace will no longer accept purchases as of March 10th, with all NFTs being transferred to users’ wallets by April 30th. Samsung's similar service continues for now, setting a competitive backdrop for LG's decision.
LG announced it is shutting down its Art Lab NFT marketplace on June 17th due to the evolving NFT space, shifting focus towards new opportunities.
Launched during the NFT craze in 2022, LG Art Lab allowed users to buy and sell digital artwork, integrating with Wallypto for transactions.
Prices for NFTs on Art Lab varied significantly, demonstrating the market's potential, with individual pieces selling for upwards of $3,800.
Despite high expectations, LG Art Lab will cease operations as of March 10th for purchases, and complete shutdown is scheduled for June.
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