The LG Korean electronics giant closes its NFT market

LG, a multinational conglomerate and a consumer electronic company, closed its non -bubble chip market barely three years after the launch. The announcement comes a little less than six months after Kraken, one of the main exchanges of Crypto, ended its non -bubble token market. In this article, we will assess some of the factors that led to the exit of LG from the NFT market.

LG leaves the NFT market

In a site publication of March 20, LG Electronics confirmed its intention to close its non -bubble token market, qualifying its decision as a “difficult decision”. The LG Art Lab crushed its NFT market on March 10, 2025, prohibiting crypto users from making purchases on the platform. The company has told its users that the LG Art Lab team automatically transfer all their NFT to their wallets by April 30, 2025.

LG stops the art laboratory #Nft Marketplace three years after the launch pic.twitter.com/7m2q9lid7c

– Crypto Charmer (@cryptocharmer) March 20, 2025

Created in 1947, LG Corporation, formerly known as Lucky-Goldstar, is a South Korean multinational conglomerate founded by Koo in-Hwoi and managed by successive generations of his family. It is the fourth largest company in South Korea. The company is deemed worldwide for the manufacture of consumer products and commercial through televisions, household appliances, air solutions, monitors and car components.

The electronics giant was tempted to enter the NFT market during the historic craze of the NFT market in 2022. At the time, the company introduced its digital market for NFTS LG Art Labs. The NFT market has been designed to integrate digital art into consumer fairs. The NFT platform has enabled Crypto and NFT users to buy, sell and display NFT directly on their LG smart televisions.

The LG Art Labs NFT Marketplace initially worked on the Blockchain Hedera network, which used a blockchain alternative called hashgraph, but it spread to Ethereum last year. The NFT market has added a new digital art to the platform thanks to “revolutionary” NFT falls, which users could simply buy by scanning a QR code to carry out transactions via Wallypto, LG Crypto Wallet application.

The South Korean electronics giant launched its NFT market platform shortly after its electronic market rival, Samsung, launched a similar NFT television market in partnership with Nifty Gateway. The Samsung NFT television market has survived the LG NFT market because it is still operational despite market challenges. LG Art Labs should close operations completely on June 17, 2025.

No more NFT projects leave the NFT market

LG joins the growing list of cryptographic projects that have left the NFT market. In January 2025, Quidd, an NFT market under Animoca brands, announced its closure. The platform ceased operations on January 3, 2025. The Makersplace, another digital art market platform, also closed its operations at the start of 2025 due to “challenges of the current market” after six years of operation.

Brissure: Quidd stops permanently 👾

➡️ Quidd announces the closure
➡️ Paul Barron is not found
➡️ Youtuber Cavell Anderson was paid to promote Quidd, while criticizing Veve
➡️ Consolidation in space was necessary

After a lot of mud and pay influencers … pic.twitter.com/adk2e97mtp

– Sergio (@sergiocollects) January 3, 2025

In November 2024, Nike, the multinational digital brand and the sneaker brand, announced that it would close its brand of sneaker and virtual fashion, RTFKT, at the end of January 2025 as part of a broader change in the company’s priorities under a new general manager. Previously, GameStop decided to close her NFT platform, which she initially launched in July 2022 during the NFT Trading peak.

🚨Breaking News🚨

Nike to close RTFKT this year after an acquisition of $ 1 billion in 2021 pic.twitter.com/lrbdifa6fb

– Nick O’Neill (@chooserich) March 18, 2024

The LG release from the NFT market is associated with the poor performance recorded in the NFT sector in recent months. Since its boom in the early 2020s, the non -fascinable tokens market has experienced fluctuations and volatility through the spectrum, leaving many companies to record investment losses. Last year, a report revealed that more than 90% of NFT holders held almost worthless items. Despite a drop in interest, certain sectors, such as games and virtual real estate, continue to find value in NFT.

A report published earlier this month indicated that the NFTS market has been in an slowdown as dramatic since 2023 as 95% of them are considered “dead”.

– Artnews (@artnews) August 29, 2024

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