On March 21st, COINOTAG reported that LG, a leading name in global electronics, will be discontinuing its NFT platform, LG Art Lab, which has been operational for the past three years. This announcement marks another significant departure from the NFT landscape, joining the ranks of other firms like Kraken and Nike’s RTFKT. As plans unfold, LG will initiate a process to refund NFTs to users’ wallets by the end of April, with a complete shutdown scheduled for June 17th.
The NFT market continues to face a considerable downturn, with weekly trading volumes plummeting below $100 million—a staggering decline of over 97% from its peak of $32.4 billion in August 2021. Despite the presence of prominent projects such as Pudgy Penguins attempting to leverage their intellectual property through licensing, the broader NFT sector is entrenched in a phase of de-monetization. LG’s decision to exit serves as a clear indicator that traditional enterprises are reassessing their roles, hinting at an accelerated shift within the crypto industry toward enhancing its foundation and operational tools.