S Korean Electronics Giant LG closes the NFT market

LG, a multinational company, Electronics Corporation has closed its uninterrupted symbolic market barely after three years of launch. This advertisement comes just less than six months after Kraken, one of the leading coding exchanges, is a non -violated symbol. In this article, we will evaluate some of the factors that led to LG exit from the NFT market.

LG comes out of the NFT market

On March 20 Publishing the siteLG Electronics confirmed plans to close the unable to reach it, describing its decision as a “difficult decision.” LG Art Lab Marketplace crashed on March 10, 2025, with the exception of encryption users to make purchases on the platform. The company told its users that the LG Art Lab team will automatically transfer all NFTS to their governor by April 30, 2025.

LG closes the art laboratory #Nft Marketplace after three years of launch pic.twitter.com/7m2q9lid7c

Crypto Charmer (Cryptocharmer) March 20, 2025

Founded by LG Corporation in 1947, it is previously known as Lucky-Goldstar, a multinational group of South Korea founded by Koo In-Hwoi and managed by successive generations of his family. It is the fourth largest company in South Korea. The company is internationally famous for manufacturing consumer and commercial products ranging from televisions, home appliances, air solutions, screens and car components.

The electronics giant was seduced to enter the NFT market during the 1922 historical NFT market. The NFT market is designed to integrate digital art into the living rooms of consumers. The NFT platform allowed Crypto and NFT users to buy, sell and display NFTS directly on LG smart TVs.

LG Art Labs Nft Marketplace initially works on the Hedra Blockchain network, which used Blockchain alternative called Hashgraph, but expanded to Ethereum last year. The NFT market added a new digital art to the platform through the “leading” NFT drops, which users can simply buy by wiping the quick response icon to complete transactions through the Walllypto, LG’s Crypto Wallet application.

South Korea Electronics launched the NFT market shortly after its opponent in the electronic market, Samsung, TV NFT market similar to partnership with Nifty Gateway. The Samsung Nft TV MARKETPLALACE market has surpassed the LG NFT market because it is still operating despite market challenges. LG Art Labs was set to close the operations on June 17, 2025.

More NFT projects graduate from the NFT market

LG joins the list of rapid encryption projects that came out of the NFT market. In January 2025, QUIDD, a NFT market under Animoca signs, announced its closure. The platform stopped operations on January 3, 2025. Makersplace, another platform in the digital arts market, closed its operations in early 2025 due to “continuous market challenges” after six years of operation.

Fracture: Quide closes permanently 👾

➡ QUIDD announces the closure
➡ Paul Barron is not anywhere you can find
➡ YouTube Cavell Anderson has been paid to promote Quided, while criticizing Veve
➡ Unification of space is necessary

After a lot of amazing effects and pushing the influencers … pic.twitter.com/adk2E97mtp

Sergiocollets January 3, 2025

In November 2024, NIKE, the multinational digital and brand brand, announced that it will close its virtual athletic shoe, RTFKT, by the end of January 2025 as part of a broader transformation in the company’s priorities under the leadership of the new CEO. Previously, Gamestop decided to close its NFT platform, which it initially launched in July 2022, during the peak of NFT trading.

🚨 Break news 🚨

NIKE to close RTFKT this year after obtaining a billion dollars in 2021 pic.twitter.com/lrbdifa6fb

– Nick O’Neill (choserich) March 18, 2024

The LG exit from the NFT market is linked to a weak performance registered in the NFT sector in the past few months. Since its prosperity in the early twenties of the last century, the distinguished code market has witnessed high fluctuations and fluctuations across the spectrum, leaving many companies to record investment losses. Last year, a report found that more than 90 % of NFT holders had almost valuable elements. Despite the low interest, some sectors, such as games and virtual real estate, continue to find value in NFTS.

A report published earlier this month said that the NFTS market was in a state of dramatic recession since 2023 that 95 percent of them considered “dead”. https://t.co/g2IFBLQBO9

ARTNEWS (ARTNEWS) August 29, 2024

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