“Canvas or TV?” NFT works that fell into TV
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Domestic home appliance companies such as Samsung and LG have made the 'digital art' market a niche market for TV sales. It is looking for a new use of TV by exhibiting non-fungible token (NFT) works using TV. The big picture is to overcome the sluggish TV demand by selling experiences rather than products.
NFT works enjoyed on Samsung TV
Samsung Electronics announced that it will showcase NFT works through Neo QLED 8K and The Frame at the 'Next Museum' located in Lotte World Tower Mall in Jamsil, Seoul until the 19th of next month.
The Next Museum is an offline NFT exhibition space that opened in December last year. It is a joint venture between Lotte Department Store and Kakao Group’s blockchain technology affiliate Ground X. It is characterized by the fusion of digital art and general gallery experiences by exhibiting real works along with NFT contents.
A Samsung Electronics model introduces NFT works displayed through Neo QLED 8K and The Frame at the 'Next Museum' located at Lotte World Tower Mall in Jamsil, Seoul. /Photo = Provided by Samsung Electronics
The theme of this exhibition is 'Valentine's side story, the story of singles'. Eight promising young Korean artists, including Kim Wan-jin, Lee Dong-gu, and Rokan Kim, participated.
There are a total of 4 NFT works displayed through Samsung Smart TV. It can be found in the Clip Drops App, Ground X's digital art distribution platform installed on Samsung Smart TVs. These works can also be purchased as a package with Samsung Neo QLED.
In addition, in this exhibition, horizontal and vertical 3D NFT art will also be displayed using The Frame and auto-rotating wall hangings. If you install the auto-rotating wall mount, which can be purchased separately, you can automatically switch the TV screen to portrait mode or landscape mode according to the content with the click of a button on the remote control.
Last year, Samsung Electronics also introduced 'Smart Hub', a TV software equipped with an NFT platform in its TV product line. Users of domestic Samsung Smart TVs released after last year can browse, purchase, or enjoy various NFT art through the Clip Drops app in Smart Hub.
LG Art Lab on display at New York Times Square
LG Electronics is targeting the US market, where more than 50% of the world's artworks are traded. Recently, art works of 'LG Art Lab' were displayed on a large electronic display board in Times Square, New York, USA. The video contains four types of NFT media art works by world-renowned artist Barry Xball.
LG Art Lab is an NFT art work trading platform where you can enjoy NFT art works on LG TVs and trade them all at once. It was launched in the US market in September of last year and received the Innovation Award at CES 2023 held earlier this year. This is part of the future business that LG Electronics has newly put forward. LG Electronics began expanding its portfolio this year through customized services and solutions that can be provided along with existing hardware.
LG Art Lab art works unveiled on a large billboard in Times Square, New York, USA./Photo = Courtesy of LG Electronics
At CES 2023, LG Electronics President Cho Joo-wan announced that he would reorganize the existing hardware-oriented business structure, saying, "We will create a competitive business structure by improving the business structure so that we can continuously generate profits even in the prolonged recession rather than short-term cost reduction." there is. Rather than simply selling products, it aims to sell 'experience' to customers by expanding its business into platforms, contents/services, and solutions.
This is not limited to TV. At CES 2023, LG Electronics introduced 'Monster Shoes', digital virtual shoes made with NFT technology. You can collect 5,500 uniquely designed NFT shoes and manage and enjoy real shoes and NFT shoes together through the LG ThinQ app.
Cryptocurrency and other markets, market expansion expected
The reason why domestic home appliance manufacturers are focusing on the digital art market is also because the NFT-centered digital art market continues even after the cryptocurrency craze.
According to a global collection survey published by Art Basel, the world's largest art fair organizer, and UBS, a global financial company, art collectors spent an average of $46,000 on art-based NFTs in the first half of last year. This is an increase from 2020 ($35,000) or the previous year ($44,000), which was the cryptocurrency boom period.
An official from the home appliance industry said, “The cryptocurrency boom has subsided, but professional collectors are paying attention to the digital art market, so it is a market worth challenging.” Because it is it is suitable for use as content."
