Global electronics manufacturer, LG, has announced the closure of its NFT platform, LG Art Lab. The platform will cease operations in June 2023, with users receiving automatic refunds for NFTs by April.
LG's Strategic Retreat Amid NFT Market Slump
LG Electronics has officially shut down its NFT marketplace, Art Lab, as part of its strategic shift in focus.
NFT Trading Dives: Market Drops 97% from Peak
The NFT market, once valued at $32.4 billion weekly in August 2021, has dwindled to below $100 million. Sector response to LG's announcement suggests further focus may be shifting towards infrastructure, as NFT monetization stalls.
Future of NFT and Industry Prospects
Experts speculate that technological refinement could stabilize the sector, despite short-term setbacks in NFT ventures. Opportunities in the infrastructure area remain promising.
The closure of LG Art Lab highlights the growing challenges facing the NFT industry. Nonetheless, long-term prospects remain uncertain, and the market awaits new solutions.
