Cryptocurrency and Non-Fungible Tokens (NFT) have become a new frontier for a decentralized economy based upon the properties of collection and scarcity, which transmit to real world fiscal success. Since 2017 alone, collectors have spent a staggering amount of money on NFTs to the tune of $174 million. This week, Blackdove, the NFT-backed digital art gallery, announced its new collaboration project with LG to bring NFT artwork straight to LG Direct View LED Extreme Home Cinema displays.
NFTs are virtual objects or assets that are verified by a blockchain, a digital ledger that authenticates the originality of, say, an artwork, and also records any transaction data around it. Similar to traditional art, the key to monetary value in this industry is the unique exclusivity of the pieces involved. The market for NFTs essentially revolves around the buying and selling of unique code attached to a specific image. This code equates to the property rights of the picture, and provides an authentication system for digital art.
This new collaboration between Blackdove and LG is designed to give NFT collectors the opportunity to showcase their pieces through in-home art installation. The LG DVLED Extreme Home Cinema provides a range of sizes and aspect ratios from 8 to 325 inches, as well as 2K to 8K pixel quality, and dual configuration options. These traits put it in a unique position to provide the opportune canvas for the range of images provided in NFTs.
“Working with Blackdove to deliver unique digital art to the LG DVLED Extreme Home Cinema was a natural fit for LG because we know the transformational power of their NFT art collection,” said Dan Smith, LG Electronics USA’s vice president in charge of DVLED displays in the press release. “LG has worked with Blackdove in the past to create fine art installations at galleries and art festivals around the globe. Now, with Blackdove on these luxury residential displays, we can bring the same kind of incredible visual experience into the home.”
With this new collaboration, LG DVLED Extreme Home Cinema owners will get access to five NFTs from the Blackdove collection. These include pieces selected by Blackdove Curator Jess Conatser to showcase the wide range of subject matter and styles available at the gallery. Via the Blackdove mobile app, users will be able to manage their digital art catalog including any privately owned NFTs.