LG shuts down Art Lab NFT marketplace three years after launch

LG is winding down its Art Lab, allowing collectors to withdraw NFTs before its closure in June.

South Korean multinational electronics tycoon LG is winding down its LG Art Lab platform, a marketplace for non-fungible tokens launched to bring digital art to its premium screens. In a Thursday announcement on its official website, the company said it made the “difficult decision to close the platform” as the NFT space “continues to evolve.”

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

“LG Art Lab Team will automatically transfer the assets that are currently in LG Art Lab Marketplace for re-sell to collectors own wallets by April 30,” the company said, adding that users can manually move their artworks or withdraw them from the marketplace.

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

Art Lab

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Seeking new opportunities

While the company didn’t provide specifics on why it was shutting down LG Art Lab, it still hinted at shifting priorities, saying “it is the right time to shift our focus and explore new opportunities.”

We are live on Ethereum!⛓️

Discover, collect, and display digital masterpieces right from your LG Smart TV

First up: @Amadon

His work now available on LG Art Lab

— LG Art Lab (@LGArtLab) August 20, 2024

Initially available only on the Hedera network, LG Art Lab later migrated to Ethereum, though it remains unclear how much that transition impacted adoption. LG says customer support for Art Lab users will be available until July 18.

The move follows LG’s broader involvement in digital innovation. In 2023, the company teamed up with metaverse firms Oorbit and Pixelynx to integrate virtual experiences directly into its smart TVs. Oorbit’s technology was described as “the thread that binds virtual worlds together,” allowing LG’s smart TV users to access AI-generated multiplayer games and virtual concerts through cloud streaming. LG has not indicated whether its metaverse ambitions will continue beyond Art Lab’s closure.

Read more: LG Electronics to launch Wallypto crypto wallet

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