- LG has announced the closure of its NFT marketplace, Art Lab, effective June 17
- Users have been unable to make new purchases since March 10 with existing NFTs to be transferred to users’ wallets by April 30
- The decision reflects LG’s intent to explore new opportunities as the NFT space continues to contract
LG Electronics has decided to turn off its Art Lab NFT marketplace, with the platform slated for closure in June after three years of operation. Launched amid the NFT boom, the electronics giant has decided that it won’t be renewing Art Lab for another season, halting purchases ten days ago. The company plans to transfer existing NFTs to users’ wallets by April 30, ahead of its closure.
Some NFTs Outpriced TVs
Launched in 2022, at the peak of NFT mania, Art Lab was introduced as a seamless way for users to engage with digital art. The platform operated initially on the Hedera network, utilizing a blockchain alternative known as Hashgraph, and later expanded to Ethereum in 2024.
Users could purchase NFTs by scanning a QR code, completing transactions through Wallypto, LG’s cryptocurrency wallet app. The marketplace featured a diverse range of digital artworks, with prices varying significantly—from animations priced around $60 to exclusive pieces exceeding $3,800, surpassing the cost of some of LG’s high-end televisions.
LG Says Time is Right to “Shift Our Focus”
Those few individuals still buying NFTs through Art Lab have found that they have been unable to do so since March 10, the first move in LG’s decision to can the platform. In a statement, LG declined to go into details about just how bad the situation was at Art Lab towers:
As the NFT space continues to evolve, we believe it is the right time to shift our focus and explore new opportunities.
The company has committed to automatically transferring NFTs currently listed for resale to collectors’ personal wallets by April 30, ahead of a full closure on June 17.
While Art Lab’s closure marks the end of this particular chapter for LG, the company maintains a forward-looking perspective, stating that their “passion for digital art and innovation remains strong,” and they “look forward to seeing how the NFT space continues to grow and evolve.”
