LG Closes Art Lab Digital Art Marketplace After Three Years

LG is shutting down its non-fungible token (NFT) platform, Art Lab, and allowing collectors to withdraw their NFTs before its closure in June.

South Korean electronics giant LG has announced the closure of its LG Art Lab platform, which was launched in 2022 to bring digital art to its premium screens via NFTs. The company stated on its official website that it made the "difficult decision to close the platform" due to the evolving nature of the NFT space.

Art Lab will cease operations on June 17. LG has outlined two methods for collectors and artists to transfer their assets. The company stated that by April 30, the LG Art Lab Team would automatically transfer assets currently listed on the LG Art Lab Marketplace for resale to collectors' own wallets. Users can also manually move their artworks or withdraw them from the marketplace.

"Although this chapter is coming to an end, our passion for digital art and innovation remains strong, and we look forward to seeing how the NFT space continues to develop and evolve," the company said.

Art Lab

Pursuing New Ventures

While the company did not provide information on the reasons for closing LG Art Lab, it suggested a change in priorities, stating that "it is the right time to shift our focus and explore new opportunities."

LG Art Lab was initially available only on the Hedera network, but later migrated to Ethereum. The impact of this transition on adoption remains unclear. The company has stated that customer support for Art Lab users will be available until July 18.

LG's move follows its broader involvement in digital innovation. In 2023, the company partnered with metaverse firms Oorbit and Pixelynx to integrate virtual experiences directly into its smart TVs. Oorbit's technology was described as "the thread that binds virtual worlds together," enabling LG smart TV users to access AI-generated multiplayer games and virtual concerts through cloud streaming. LG has not indicated whether its metaverse ambitions will continue beyond Art Lab's closure.