LG shuts down Art Lab NFT marketplace three years after launch

LG rolls up its art laboratory, allowing collectors to remove the NFT before its closure in June.

South Korean Multinational Electronics Tycoon LG wounded its LG Art Lab platform, a market for Non -pounded tokens Launched to bring digital art to its premium screens. In a Thursday announcement On its official website, the company said it had taken the “difficult decision to close the platform” while the NFT space “continues to evolve”.

Launched in 2022, Art Lab will officially stop on June 17. To help users in transition, LG has described two ways for collectors and artists to transfer their assets.

“The LG Art Lab team will automatically transfer the assets that are currently on the LG Art Lab market for re-allying wallets by April 30,” said the company, adding that users can manually move their works or remove them from the market.

“While this chapter is coming to an end, our passion for digital art and innovation remains strong, and we are impatient to see how the NFT space continues to grow and evolve.”

Art laboratory

Search for new opportunities

Although the company did not provide details on the reasons why it closed LG Art Lab, it still alluded to changing priorities, saying: “It’s the right time to change our concentration and explore new opportunities.”

Initially available only on the Hedera network, LG Art Lab then migrated to Ethereum, although it is not clear to what extent this transition had an impact on adoption. LG says customer support for art laboratory users will be available until July 18.

This decision follows a broader LG involvement in digital innovation. In 2023, the company joined forces with Metaverse Oorbit and Pixelynx companies to integrate virtual experiences directly into its smart televisions. Oorbit technology has been described as “the thread that links virtual worlds together”, allowing LG smart television users to access multiplayer games generated by AI and virtual concerts via cloud streaming. LG did not indicate whether his metavese ambitions would continue beyond the closure of art lab.