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Key Points:
- LG will shut down its LG Art Lab NFT platform in June, reflecting a broader exit by traditional enterprises from the space.
- Users will receive automatic refunds for NFTs by April.
- The NFT market downturn continues, with trading volumes down by over 97%.
Global electronics manufacturer, LG, has announced the closure of its NFT platform, LG Art Lab, with operations ceasing in June 2023. Users can expect their platform NFTs refunded automatically by April.
LG’s Strategic Retreat Amid NFT Market Slump
“LG Electronics has officially shut down its NFT marketplace, Art Lab, as part of its strategic shift in focus.” — Emma Johnson, AInvest
NFT Trading Dives: Market Drops 97% from Peak
The NFT market, once valued at $32.4 billion weekly in August 2021, has dwindled to below $100 million. Sector response to LG’s announcement suggests further focus may be shifting towards infrastructure, as NFT monetization stalls. Market experts speculate that technological refinement could stabilize the sector, despite short-term setbacks in NFT ventures.
