Mar 21, 2025

LG, the South Korean electronics giant, has officially announced that its NFT platform, Art Lab, would be shut down on June 17, 2025. For those who have ever displayed their NFT collection on their LG smart TV screen while sipping their afternoon coffee, this news can feel like finding their favorite store closing without notice. In fact, Art Lab was once touted as the future way to enjoy digital art in the living room. JUST IN: GLOBAL ELECTRONICS CONGLOMERATE LG TO SHUT DOWN ITS NFT PLATFORM AFTER THREE YEARS IN OPERATION — BSCN Headlines (@BSCNheadlines) March 21, 2025 The platform was first launched in 2022 and utilizes the Hedera blockchain network. Its simple goal is to introduce NFTs with great display quality and seamless user experience on the television screen. Even directly buying NFTs via LG's crypto wallet app, Wallypto, just by scanning the QR code on the screen. Art Lab also extended its influence over time to the Ethereum network in 2024. However, who would have guessed that this apparently bright path would come to an end barely three years from the start? Last Call for Art Lab Users as LG Prepares to Shut Down Users of Art Lab will not be able to make NFT purchases starting March 10, 2025. LG guarantees an immediate NFT transfer to their wallets by the end of April for anyone still having their collections on the platform. Customer service will then last until mid-July, a grand farewell before all is completely shut down. Another Giant Walks Away as Rtfkt Shuts Down Too LG's decision also joins a long list of major companies taking a step back from the NFT sector. Previously, Rtfkt—a digital streetwear brand acquired by Nike in 2021—also closed in January 2025. Rtfkt was once known as a pioneer of a digital lifestyle that combined sneaker culture, fashion, and Web3 technology. Although it was a star in its early days, Rtfkt eventually failed after just five years. Rarible Chooses Fairness Over Scale With Arbitrum Integration On the other hand, CNF has reported that Arbitrum has integrated with Rarible. While still preserving creators' rights to royalties, this action helps NFT trading to be smoother. Rarible even chose to stop compiling orders from other markets in order to protect artists. Pudgy Penguins Tap Into AI to Bring NFTs to Life Concurrent with this, the NFT community is producing fresh innovations aiming at transcending traditional limits. Currently collaborating with OpenLedger to incorporate artificial intelligence technologies, Pudgy Penguins, an NFT collection fashioned as adorable penguins, is not only aimed at making NFTs more lifelike, but owners should be able to personalize their penguins any way they choose. The penguins may so react, communicate, and even learn from their owners rather than seeing a frozen picture. Similar to a new generation of virtual pets. Art Lab's Closure Signals a Shift for Big Tech in NFTs Back to LG's case, there has been no official statement whether they will return to the NFT world in the future. LG just indicated in the statement they wish to concentrate on identifying new prospects outside of Art Lab. Of course, one can understand this diplomatic language in many different ways, from totally departing to merely pausing before returning with a different approach. But one thing is clear: the closure of Art Lab marks a pivotal moment in the shifting NFT sector, especially for big tech companies. Source: https://www.crypto-news-flash.com/art-lab-by-lg-will-shut-down-after-just-three-years/?utm_source=rss&utm_medium=rss&utm_campaign=art-lab-by-lg-will-shut-down-after-just-three-years