LG announces closure of its NFT platform LG Art Lab

Odaily Planet Daily News Global electronics giant LG announced that it will close the three-year-old NFT platform LG Art Lab in June, becoming another traditional enterprise to leave after Kraken and Nike's RTFKT. LG Art Lab will automatically return the platform's NFT to the user's wallet by the end of April and will be completely closed on June 17. The NFT market has been in a continuous downturn, and the current weekly NFT transaction volume has fallen below US$100 million, a decrease of more than 97% from the peak of US$3.24 billion in August 2021. Although blue-chip projects such as Pudgy Penguins are exploring physical transformation through IP licensing, the NFT market as a whole is still deeply trapped in a de-bubble cycle. LG's withdrawal represents the end of traditional companies' cross-border testing, and the reshuffle of the crypto industry will accelerate the concentration on the infrastructure and tool layers. (The Block)