The South Korean television and electronics manufacturer LG Electronics is showcasing “Monster” virtual shoe NFTs at the Consumer Electronics Show (CES), a global tech event that takes place in January in Las Vegas.
Costumers will be able to collect over 5,500 unique digital NFT shoes and manage their NFT shoes as well as physical shoes through one app. The Monster Shoes were developed by LG and the Department of Game and Virtual Reality at Induk University in Seoul, South Korea.
Here’s how the “phygital” (physical + digital) aspect of the experience in Las Vegas works. Through augmented reality technology, users will be able to use holograms and art toys and try on the NFT shoes. Then, beginning January 25th, they can enter a lottery to win a pair of NFT shoes in the “Styler suitcase.“
Head of LG’s Living Appliances Division, Baek Seung-tae, said in a statement on December 21st that the Styler Shoecase and Shoecare (which launches in the first half of 2023) will be the “next-generation premium shoe management solution.”
The Shoecare solution is physical display box with a turntable that rotates 360 degrees. It has clear panels and a design where you can stack four cases on top of each other. It has an app to monitor the shoes from a distances and technology that soaks up moisture and eliminates smells.
The move by LG to release an NFT collection isn’t the company’s first foray into Web3. On March 24th, primarily executives announced their interest in developing ”blockchain-based software” and being involved in the sale of cryptocurrencies. Shortly after, LG launched its first NFT marketplace called “LG Arts Lab,” which can be accessed direct from a Smart TV home screen.
South Korea Is Bullish on Web3 and the Metaverse
It should come as no surprise that one of the biggest technology companies in South Korea is entering Web3 in a big way. The country itself has publicly stated it aims to be a pioneer in Web3, pledging to invest over $185 million in the metaverse. At Rarity Sniper, we’ve written several articles about South Korean companies investing in the space and also Web3 companies investing in South Korea. Here are the top three.
First, six months ago, Solana announced it would invest $100 million into South Korea’s Web3 market. The alternative layer-one blockchain will invest the majority of the money into blockchain-based gaming companies in South Korea.
Next, in July, the largest mobile service provider in South Korea, SK Telecom, staged a series of virtual concerts in its ifland metaverse. The concerts used volumetric image capture technology, making use of 100’s of cameras from all angles to create realistic generative 3D models in VR.
Lastly, as part of the country-wide effort to expand metaverse business, the #1 bank in South Korea, KEB Hana Bank, entered The Sandbox metaverse. The virtual branch of the bank will provide investment advice, banking services, and other products in the popular decentralized metaverse.
The myriad of South Korea companies that entered Web3 this year has been impressive, and LG Electronics is proving to be one to look out for. We’ll be following up on the Consumer Electronics Show in January to see if LG’s “Monster” NFT shoe drop is successful.