S Korean Electronics Giant LG closes the NFT market.

LG, a multinational company and a consumer electronics company, closed the token market that is almost impossible to execute three years after its launch. This announcement is less than six months after Kraken, one of the leading encryption exchange, closed the inseparable token market. In this article, LG will evaluate some of the elements from the NFT market.

LG ends the NFT market

In the site publication on March 20, LG Electronics confirmed that it would close the token market that was impossible to decide with “difficult decisions.” LG Art Lab fell on the NFT marketplace on March 10, 2025, banning Crypto users on the platform. The company told users that the LG Art Lab team will automatically send all NFTs to their wallets by April 30, 2025.

LG exits Art Lab #nft Market 3 years after launch pic.twitter.com/7m2Q9LID7C

-Passification Charmer (@cryptocharmer) March 20, 2025

Founded in 1947, LG Corporation is previously known as Lucky-Goldstar. Founded by Koo in-hwoi and managed by his family, it is a Korean multinational company. It is the fourth largest company in Korea. The company is famous for manufacturing consumers and commercial products from TV, home appliance, aviation solutions, monitors and automotive components.

The e -giant tried to enter the NFT market in the 2022 historic NFT market craze, and the company introduced the digital market of NFTS LG Art Labs. The NFT marketplace is designed to integrate digital art into a consumer living room. Through the NFT platform, Crypto and NFT users were able to buy, sell and display NFT directly on LG Smart TV.

LG Art Labs NFT Marketplace was initially operated on Hedera Blockchain Network and used a blockchain called Hashgraph, but it was extended to Ethereum last year. The NFT market has added a new digital art to the platform with a “breakthrough” NFT drop, and users can scan the QR code to complete the transaction through LG’s Crypto Wallet App Wallypto.

The Korean electronics company began the NFT market platform immediately after Samsung, the rival of the electronics market, and started a similar NFT TV marketplace in partnership with Nifty Gateway. The SAMSUNG NFT TV Marketplace is still in operation despite the market task, so LG NFT Marketplace is the latest. LG Art Labs will completely terminate the operation on June 17, 2025.

More NFT projects come from the NFT market

LG has joined the list of rapidly growing encryption projects in the NFT market. In January 2025, QUIDD, an NFT marketplace of Animoca brand, announced its closure. The platform stopped operating on January 3, 2025. Another digital art market platform, MAKERSPLACE, stopped operating in early 2025 due to the “ongoing market task” after six years of operation.

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I needed integration of space

Many muddy and payable people… pic.twitter.com/adk2e97mtp

-Sergio (@SERGIOCOLLECTS) January 3, 2025

In November 2024, NIKE, a multinational digital fashion and sneaker brand, announced that by the end of January 2025, it will close virtual sneakers and fashion brand RTFKT as part of a wide range of priority changes under the new top manager. Previously, Gamestop decided to close the NFT platform that first started in July 2022 during the climax of the NFT transaction.

Breaking News🚨

NIKE closed RTFKT after $ 1 billion in 2021. pic.twitter.com/lrbdifa6fb

-Nick O’Neill (@chooserich) March 18, 2024

The LG exit of the NFT market is related to the performance deterioration recorded in the NFT sector over the last few months. Since the boom in the early 2020s, the inseparable token market has experienced fluctuations and volatility in the entire spectrum, and many companies have lost investment. Last year, according to the report, more than 90% of NFT holders have almost no value. Despite the decline in interest, some sectors, such as games and virtual real estate, continue to look for value in NFT.

According to a report released early this month, the NFTS market has been dramatic since 2023. https://t.co/G2IFBLQBO9

-Artnews (@artnews) August 29, 2024

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