LG to Shut Down NFT Platform Amid Decline in Market Activity

After three years in operation, LG has announced the closure of its NFT platform, LG Art Lab.

The company stated that it had carefully weighed the decision and determined that it was the right time to pivot and explore new opportunities.

Launched in September 2022, LG Art Lab allowed users to buy, sell, and display NFTs on its smart TVs, collaborating with artists like sculptor Barry X Ball.

However, the platform will soon return all NFTs to users’ wallets by April’s end, with the full shutdown expected by June 17.

This move mirrors the broader struggles faced by the NFT sector, which has seen a sharp decline in market activity. Several other prominent companies, including Kraken and Nike’s RTFKT, have also scaled back their involvement in the NFT space, citing changing market dynamics.

NFTs initially gained significant traction during the COVID-19 pandemic, which fueled interest in digital art and assets. However, the market has since cooled, with trading volumes dropping drastically from their August 2021 highs of $3.24 billion to under $100 million in recent weeks.