New Delhi,  LG Electronics on Monday launched its very own non-fungible token (NFT) platform called LG Art Lab compatible with its premium TVs.

The new platform, available in the US on the company's TVs running webOS 5.0 or later and accessible directly from the home screen, enables users to buy, sell and enjoy high-quality digital artwork.

"When displayed on the cinematic, 16:9 aspect ratio screens of LG's TVs, NFTs come fully to life," the company said in a statement.

LG's new platform is based on the Hedera network -- the enterprise-grade public ledger for the decentralised economy.

It makes buying and selling as simple as possible, incorporating onscreen QR codes that let users quickly complete transactions via Wallypto -- the company's crypto-currency wallet for smartphones, LG said in a statement.

Once purchased, an NFT can be traded on 'LG Art Lab Marketplace', where users can easily view transaction history, while in 'My Collection', they can admire all of their owned artworks.

The platform includes the 'LG Art Lab Drops' feature, which profiles artists and previews new works coming soon to the platform.

Meanwhile, the real-time Live Drops countdown ensures users never miss an opportunity to acquire a ajust dropped' NFT.

LG Art Lab welcomed the first-ever digital artwork from well-known sculptor Barry X Ball.

Famous for reinterpreting classical and modernist sculptures using the latest 3D scanning and printing technologies, as well as traditional techniques, Barry X Ball is now making his exciting debut in the world of NFT art with unique 'Metal' series digital works.