LG is closing its Art Lab, permitting collectors to retrieve their NFTs ahead of its June shutdown.
The South Korean electronics giant LG is shutting down its LG Art Lab platform, a marketplace designed to showcase digital art on its high-end displays. In an announcement made on Thursday via its official site, the company stated it has made the “difficult decision to close the platform” amid the ongoing evolution of the NFT market.
Launched in 2022, Art Lab is set to close on June 17. To facilitate this transition, LG has outlined two methods for collectors and artists to transfer their digital assets.
“The LG Art Lab Team will automatically transfer assets currently in the LG Art Lab Marketplace available for resale to collectors’ personal wallets by April 30,” the company stated. Additionally, users have the option to manually transfer their artworks or withdraw them from the marketplace themselves.
“While 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 grow and evolve.”
Exploring New Directions
Although the company did not elaborate on the reasons for shutting down LG Art Lab, it alluded to a shift in priorities, stating that “it is the right time to shift our focus and explore new opportunities.”
Originally, the platform operated solely on the Hedera network but later transitioned to Ethereum. However, the effect of this change on user adoption remains uncertain. LG has indicated that support for Art Lab users will continue until July 18.
This decision aligns with LG’s broader commitment to digital innovation. In 2023, the company collaborated with metaverse companies Oorbit and Pixelynx to integrate immersive experiences directly into its smart TVs. Oorbit’s technology is regarded as “the thread that binds virtual worlds together,” enabling users of LG smart TVs to experience AI-generated multiplayer games and virtual concerts through cloud streaming. LG has not disclosed whether its metaverse initiatives will persist following the closure of Art Lab.