LG has announced the closure of its NFT platform, LG Art Lab, after three years of operation.

The platform, launched in September 2022, allowed users to trade NFTs and display digital art on LG smart TVs. It will cease all operations by June 17, with NFTs returned to user wallets by the end of April.

LG said it would “shift focus and explore new opportunities.”

The decision comes as the NFT market continues to decline. Weekly NFT trading volumes have dropped below US$100 million, a sharp fall from the US$3.24 billion peak in August 2021.

Other platforms, including Kraken’s NFT marketplace and Nike-owned RTFKT, have also shut down.

Interest in NFTs surged in the early 2020s, driven by collections like CryptoPunks and Bored Ape Yacht Club, but has since waned.

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