LG Art Lab to Close in June After Three Years of Operation
Electronics giant LG will shut down its NFT platform LG Art Lab by June 17, ending a three-year experiment in digital art trading on smart TVs. The company cited the decision as part of its effort to "explore new opportunities."
Launched in September 2022, LG Art Lab partnered with digital artists and enabled users to display and trade NFTs directly on LG smart TVs. All remaining NFTs will be returned to user wallets by April, ahead of the platform’s final closure.
Reflecting a Wider NFT Industry Cooldown
LG’s decision follows similar moves from other major brands in the NFT space. Kraken shut down its NFT marketplace in February, and Nike’s RTFKT unit closed in December.
At its peak, the NFT market recorded $3.24 billion in weekly trade volume in August 2021. Today, that number has dropped below $100 million, highlighting the sharp decline in activity and valuations across the sector.
From Hype to Consolidation
NFTs boomed during the COVID-19 era as users sought digital forms of entertainment and ownership. Collections like CryptoPunks, Bored Apes, and Pudgy Penguins captured public imagination, but today’s market tells a different story.
The shutdown of LG Art Lab signals a broader market correction and strategic pivot among major players. It also reflects declining consumer interest in NFT ownership amid reduced speculation and tightening economic conditions.
