LG Electronics will shut down its NFT marketplace, LG Art Lab, on June 17, according to a notice on the company’s website.
Launched in September 2022 during the NFT boom, the platform allowed users to buy, sell and display digital artwork on their LG smart TVs.
“As the NFT space continues to evolve, we believe it is the right time to shift our focus and explore new opportunities,” LG stated.
The company has already halted purchases as of March 10. All NFTs currently listed will be transferred to collectors’ personal wallets by April 30, with customer support available until July 18.
LG’s decision comes amid a broader NFT market downturn. Many popular collections have lost over 70% of their value since their peaks, with the global NFT market now valued at $3.67 billion, far below earlier projections.
LG joins other companies like Kraken and Nike-owned RTFKT in shuttering NFT operations recently.