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LG, a global electronics conglomerate, has announced plans to end its Non-Fungible Token (NFT) platform, LG Art Lab. Introduced three years ago, the platform allowed users to buy, sell, and display digital art on LG smart TVs.
Now, the South Korean multinational company is closing its NFT platform operations. This decision follows a growing trend of digital art platforms shutting down as the market declines.
LG Ends Its NFT Venture After Three Years
LG Art Lab started in September 2022 as part of LG’s move into the digital art world. The platform was designed to make NFT art more accessible. The platform lets digital artists share their work, making it easy for buyers to collect.
LG partnered with well-known digital artists, including sculptor Barry X Ball, to bring unique NFT creations to the platform. These digital collectibles can even be displayed on LG’s smart screens.
However, as interest in NFTs dropped, the platform struggled. LG has now decided to shut it down. As announced, all collectibles will be returned to users by the end of April, and the platform will fully close on June 17. This move comes as many other NFT platforms are shutting down as the digital sector plummets.
The Broader Collapse of NFT Marketplaces
LG Art Lab is not the only NFT marketplace shutting down. Several companies that invested in NFTs are now stepping back due to declining interest. Last month, Kraken’s crypto exchange closed its NFT marketplace, which started in 2021, to focus on other projects.
Nike’s RTFKT, which specializes in digital fashion and wearable NFTs, also announced its shutdown plans last December. This comes as the digital art market, once booming, has seen a sharp drop in activity.
Trading volumes have fallen from a peak of $3.24 billion in August 2021 to under $100 million per week in 2025. The hype around NFTs has died down, forcing companies to rethink their role in the market.
The Rise and Fall of the NFT Market
NFTs became popular in the early 2020s, and the COVID-19 pandemic played a key role in its momentum. Collections like CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins became well-known, with some selling for millions of dollars.
However, interest in digital collectibles has started to fade. The overall crypto market uncertainty has also made it hard for many NFT platforms to survive. Even though the NFT market is shrinking, some companies are still entering it and exploring digital assets and blockchain ownership.
