S Korea Electronic Giant closes the LG NFT Market

LG, a multinational holding and consumer Electronics Corporation, closed the Fingilable Token Market three years after the launch. The announcement closed the token market without a figure, less than six months after Kraken, one of the leading crypto exchanges. In this article, we will evaluate some factors that lead to LG’s release from the NFT market.

Legs out of the LG NFT Market

On March 20 site broadcastLG Electronics described his decision as a “difficult decision, and confirmed his plans to close the without figure. The LG Art Laboratory multiplied the NFT market on March 10, 2025 and prevented crypto users from shopping on the platform. The company said that the LG Art Lab team will automatically transfer all NFTs to their wallets by 30 April 2025.

Closes the LG Art Laboratory #Nft Three years after the launch, marketplace pic.twitter.com/7m2q9lid7c

– Crypto Charmer (@cryptocharmer) March 20, 2025

Founded in 1947, the LG Corporation is a South Korean Multinlu Holding, founded by LG Corporation, known as Lucky-Goldstar, Koo In-Hwoi, led by the consecutive generations of his family. South Korea’s fourth largest company. The company is globally famous for the production of consumer and commercial products ranging from TVs, household appliances, air solutions, monitors and automotive components.

The electronic giant was attractive to enter the NFT market during the historical NFT market madness in 2022. At that time, the company introduced the digital market for NFTS LG Art Labs. The NFT market is designed to integrate digital art into consumers’ living rooms. The NFT platform allowed crypto and NFT users to buy, sell and show NFTs directly on LG Smart TVs.

LG Art Labs NFT Marketplace initially worked at the Hedera Blockchain Network, which used a blockchain alternative named hashgrraphh, but expanded to Ethereum last year. The NFT market has added new digital art to the platform through “groundbreaking” NFT drops that users can buy by scanning a QR code to complete transactions through LG’s crypto wallet application Wallypto.

South Korean electronic giant launched the NFT market platform shortly after the electronic market rival Samsung started a NFT TV market in partnership with Nifty Gateway. The Samsung NFT TV market lasted longer than the LG NFT market because it was still operational despite market difficulties. LG Art Labs will completely close the operations on 17 June 2025.

More NFT projects are coming out of the NFT Market

The LG joins the rapidly growing crypto projects list from the NFT market. In January 2025, Quidd, a NFT market under Animoca brands, announced its closing. The platform stopped operations on January 3, 2025. MakersPlace, another digital art market platform, closed its activities at the beginning of 2025 due to “ongoing market difficulties” after six years of operation.

Breaking: Quidd closes permanently 👾

➡️ Quidd Hear Closing
➡️ Paul Barron is not found anywhere
➡️ YouTuber Cavell Anderson was paid to promote Quidd while criticizing Veve
➡️ Consolidation was required in space

After too much mud and payment impressives… pic.twitter.com/adk2e97mtp

– exhibition (@sergocollects) 3 January 2025

In November 2024, Nike, a multinational digital fashion and sneakers brand, announced that it will close the virtual sneakers and fashion brand RTFKT until the end of January 2025 as part of a wider change in the priorities of the company under a new general manager. Previously, Gamestop decided to close the NFT platform, which initially launched in July 2022 during the Summit of NFT trade.

🚨 Breaking News🚨

Nike will close the RTFKT this year after purchasing $ 1 billion in 2021 pic.twitter.com/lrbdifa6fb

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

The release of LG from the NFT market has been associated with the bad performance recorded in the NFT industry for the last few months. Since the explosion of the early 2020s, the Fungible Token market has experienced fluctuations and volatility along the spectrum and many companies have lost investment losses. Last year, a report found that more than 90% of NFT owners kept almost worthless items. Despite the decrease in interest, some sectors such as game and virtual real estate continue to find value in NFTs.

A report published in the early this month, 95 percent of the NFTS market since 2023 has been accepted as “dead”, he said. https://t.co/g2ifblqbo9

– ARTNEWS (@artnews) 29 August 2024

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