LG will shut down its digital art platform, LG Art Lab, on June 17, according to an official notice published on the company’s website in early March. Launched in September 2022, at the height of the NFT craze, the platform allowed users to browse and purchase digital art directly through LG smart TVs.
The End of the NFT Art on TV Experiment
Originally, LG Art Lab was positioned as a way to make NFT collecting accessible and visually compelling. The company collaborated with artists and launched exclusive drops tailored for LG device owners.
But less than two years later, LG has decided to end the ambitious project.
“As the NFT market continues to evolve, we believe it is appropriate to shift our focus to other areas,” the official statement reads.
What Happens to User Assets?
The shutdown will occur in phases, and users have been informed of the following timeline:
- Until April 30, all NFTs listed for resale on the platform will be automatically transferred to users' personal wallets.
- Customer support will remain available until July 18, providing assistance for any remaining issues.
NFT Market Fails to Meet Expectations
Analysts note that the NFT sector has entered a prolonged downturn. According to CoinGecko, the total market capitalization of NFTs currently sits at $3.67 billion, a far cry from previous projections of $223 billion by 2031.
Prices of major collections have collapsed:
- CryptoPunks are down 69,3%, from 125 ETH in August 2021 to 38.4 ETH today.
- Bored Ape Yacht Club has plunged 91,7%, from 153.7 ETH to 12.67 ETH.
- Doodles have fallen 87,3%, from 23.95 ETH to 3.08 ETH.
Even Pudgy Penguins, which have shown some resilience in recent months, are now trading at an average of 9.69 ETH, 72% below their December peak of 36.33 ETH. Notably, Canary Capital recently filed for an ETF based on PENGU and Pudgy Penguins NFTs.
A Growing Trend of Platform Closures
LG is not the first company to exit the NFT space:
- Crypto exchange Kraken shut down its NFT marketplace on November 27, 2024, citing a reallocation of resources toward other core products.
- In January 2025, RTFKT, a digital fashion brand owned by Nike, ceased operations after its collections experienced a steep price decline.
These closures highlight a broader trend of companies reassessing their involvement in NFTs amid market volatility and waning consumer demand.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.