LG to close NFT Marketplace Art Lab on Smart TVS by June

LG will close its NFT platform, LG Art Lab, on 17 June, according to a notification published on its website earlier this month.

The project, launched at the peak of the NFT -Rage in September 2022, enabled users to display NFTs on their TVs and to collaborate with visual artists to launch digital art collections.

“While the NFT space continues to evolve, we believe that this is the right time to shift our focus and explore new opportunities,” the company said.

Prior to the closure, all assets currently mentioned for resale in the LG Art Lab Marketplace will be transferred to the personal portfolios of collectors before April 30. Customer service remains available until July 18, LG said.

Once hyped as a revolution in art and digital ownership, the NFT market did not return in the course of the crypto -winter.

Where experts and reports predict The market could be worth no less than $ 223 billion by 2031, according to the global NFT market capitalization is currently at $ 3.67 billion, according to Coentecko.

Floor prices for many “Blue Chip” collections have fallen from their all time. The floor price for Cryptopunks Today has fallen 69.3% from 125 ETH in August 2021 to 38.4 ETH.

Bored Aapjachtclub NFTS currently has a floor price of 12.67eth, a decrease of 91.7% compared to its high of May 2022 of 153.7eth. And Doodles fell by 87.3% from 23.95eth in May 2022 to 3.05eth.

Even collections that recently enjoyed a revival, such as Pudgy PenguinsStay 73% decrease compared to their price of December 2024 of 36.33eth, now act at a floor price of 9.79eth.

LG is not the only company that gets the plug on its NFT activities.

Crypto Exchange Kraken closes its NFT marketplace on 27 February this year, referring to the desire to ‘move more resources to new products and services’.

Nike-ownership NFT brand RTFKT also stopped operations In January the steep price in its own collections will fall.

Published by Sebastian Sinclair