South Korean company LG announced it will shut down its Art Lab platform, focused on digital art and NFTs, by June 2023. Users can withdraw assets, while LG prepares for new opportunities.
Reasons for Platform Closure
LG decided to close LG Art Lab as the NFT market continues to evolve. The platform was launched in 2022 to promote digital art on premium screens.
User Assets Transition
The LG Art Lab team proposed two ways for collectors and artists to move their assets. By April 30, assets will be automatically transferred to owners' wallets. Users can also manually move their artworks from the platform.
Future of LG's Digital Initiatives
Despite the closure of Art Lab, LG continues to be interested in digital technologies and plans to explore new opportunities. In 2023, the company partnered with Oorbit and Pixelynx to integrate virtual worlds into its smart TVs and is exploring possibilities in metaverses.
The closure of LG Art Lab is part of the company's strategy to shift priorities and explore new opportunities within the digital space. While the NFT experience ends, the interest in innovation and digital art remains.
