LG closes NFT marketplace for $4,000 art

LG Electronics has announced the closure of its NFT marketplace, Art Lab, which will officially shut down on June 17, 2025.

This decision comes amid a broader decline in the NFT market, where many major collections have lost significant value, with some dropping by over 70%.

Art Lab was launched in September 2022, during the peak of the NFT craze, allowing users to buy, sell, and display digital art directly on their LG smart TVs.

The platform initially operated on the Hedera blockchain before expanding to Ethereum (CRYPTO:ETH), offering a diverse range of digital artworks with prices varying from around $59.82 for a "Bloom" animation by Bryan Brinkman to nearly $4,000 for a piece by Amadon.

LG stated that the decision to close Art Lab was made to "shift focus and explore new opportunities," as the NFT space continues to evolve.

Users will no longer be able to make new purchases on the platform as of March 10, and all NFTs will be transferred to users' wallets by April 30.

The NFT market has faced significant challenges, including market oversaturation and declining consumer interest.

Other companies, such as Quidd and MakersPlace, have also shut down their NFT marketplaces due to these challenges.

Despite this, some sectors like gaming and virtual real estate continue to find value in NFTs.

LG's move reflects a broader trend in the industry, where companies are reassessing their investments in NFTs.

"While this chapter is coming to an end, our passion for digital art and innovation remains strong, and we look forward to seeing how the NFT space continues to grow and evolve," LG noted.

The closure of Art Lab also highlights the volatility of the NFT market, where once highly valued collections like Bored Ape Yacht Club have seen their floor prices plummet by over 90% from their peak.

Despite these challenges, LG remains committed to innovation, having recently explored metaverse technologies with partners like Oorbit and Pixelynx.

Customer support for Art Lab users will be available until July 18, ensuring a smooth transition for collectors and artists.