LG Electronics Steps up Smart TV-Metaverse Drive

The South Korean tech titan LG Electronics has announced that it will intensify its metaverse activities. And the firm claims that a new deal will allow it to bring Web3 and metaverse experiences to owners of its smart TVs.

The company, which made multiple metaverse-related pledges at the 2023 Consumer Electronics Show in Las Vegas, said it would team up with the metaverse operator Oorbit to allow LG smart TV owners to access “interoperable” virtual worlds.

The Oorbit deal, LG said, will allow smart TV users to attend virtual concerts via the music and games platform ELYNXIR. They will also be able to play AI-powered multiplayer games on the Auxworld platform.

The firm also said that it would allow Blade Wallet users to buy and sell non-fungible tokens (NFTs) on LG smart TV devices, using the LG Art Lab service. Like many previous LG Smart TV and Web3 drives, this function will make use of the Hedera Hashgraph network.

The company has previously rolled out NFT trading functions on smart TVs for users of its own crypto wallet, Wallypto.

LG also showcased “monster”-themed virtual sports shoes created “using NFT technology” – and designed to be worn in metaverse spaces.

LG – Not the Only South Korean Company Moving into the Metaverse

LG is hoping that its metaverse pivot will bear fruit. Late last year, the company’s telecoms arm, LG U+, signed a deal with the cloud provider Megazone and the gaming operator Gala Lab.

Joongang Daily reported that the firms had agreed to co-build “a metaverse service tailored to university students,” with a view to launching “early next year.”

One of LG U+’s biggest telecoms rivals, SKT, is already offering similar metaverse-based “virtual university campus” solutions to a number of college clients.

Per Bizwatch, the South Korean banking giant Shinhan made history by becoming the first bank form the country to exhibit at CES – and also presented a metaverse-themed offering.

The bank unveiled a metaverse banking platform that allows users to perform “financial activities such as savings, subscriptions, funds, and loans” in virtual spaces.