Global electronics conglomerate LG will close down the NFT platform LG Art Lab after three years of business.
"After careful consideration, we have made the difficult decision to close the platform," LG Art Lab's notice said. "We believe it is the right time to shift our focus and explore new opportunities."
LG Electronics launched the NFT platform in September 2022, allowing users to trade NFTs and display digital art on its smart TVs. The platform also collaborated with various digital artists, including sculptor Barry X Ball.
The platform said it will automatically return the NFTs on the marketplace to user wallets by the end of April, with complete closure expected on June 17.
LG Art Lab's closure reflects a broader trend of NFT platforms shutting down, amid broader decline of the NFT market.
Kraken crypto exchange closed down its NFT marketplace in February to streamline resource allocation for future projects, while Nike's wearable NFTs startup RTFKT announced shutdown last December.
NFTs emerged in the early years of this decade as a new frontier encompassing digital assets, ownership and the creative world, spawning successful collections such as CryptoPunks, Bored Ape Yacht Club and Pudgy Penguins.
COVID-19's global impact also fueled NFT adoption, with people turning to digital experiences in NFTs and the metaverse under lockdown.
However, the NFT market has since experienced a dramatic downturn, with weekly trading volumes now less than $100 million, a stark contrast to the $3.24 billion peak in August 2021, according to The Block's data dashboard.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
