LG Electronics has announced the closure of its NFT service, LG Art Lab, on June 17 following what the company described as a strategic decision to shift focus. Introduced in 2022, the service enabled users to view and purchase NFTs through compatible LG smart TVs. With its closure, users will no longer be able to access the platform from mid-June. In a notice published on its website, LG said the move follows “careful consideration” and reflects changes in the NFT sector. Source: LG Art Lab Why is LG closing its NFT marketplace? According to the company, the closure is due to shifting focus and exploring other opportunities and have not shared specific details about future projects. The move comes during a prolonged slump in the NFT sector. Although NFTs gained widespread attention in 2021 and early 2022, trading volumes and valuations have since declined. Market conditions have shifted significantly, with both consumer demand and corporate enthusiasm diminishing over time. Source: LG Art Lab What does this mean for existing users? All NFTs currently listed for resale will be transferred to collectors’ personal wallets by April 30. Users will not lose access to the digital assets they have purchased, as these are stored on the blockchain independently of the LG platform. Customer support for Art Lab will also remain available until July 18, after which the service will no longer be maintained.