LG has just announced that it will shut down the NFT Art Lab platform on June 17, 2025, marking a significant setback in the NFT space as the market continues to weaken.
From the NFT craze to the demise of Art Lab
Launched in September 2022 amid the booming NFT wave, #ArtLab is a platform that allows users to buy, sell, and showcase NFTs directly on LG smart TVs. This idea was once seen as a breakthrough, making NFTs more accessible to the general public.
However, after nearly 3 years of operation, LG has declared the closure of this platform. In an official announcement, the company stated:
"We believe this is the right time to focus on new opportunities."
This decision reflects the downturn in the NFT market, as liquidity dries up and the value of digital assets plummets.
Closure roadmap and impact on users
LG will cease operations of Art Lab on June 17, 2025. Before that, the company will take the following steps:
April 30, 2025: All #NFT on the marketplace will automatically be transferred back to users' personal wallets.
July 18, 2025: LG ends customer support services for Art Lab.
This means that after April 30, users will no longer be able to buy and sell NFTs on this platform.
Not only LG – A series of NFT platforms are “retreating”
LG is not the only company leaving the NFT game. Previously, many major names have taken similar actions:
February 2025: Kraken shuts down NFT marketplace to focus on other projects.
January 2025: Nike stops operations of NFT brand RTFKT after the value of collections dropped sharply.
These moves reflect the reality that the NFT market no longer holds the appeal it had during the 2021-2022 period.
Chilling data about the NFT market
Data from CoinGecko shows that the total market capitalization of NFTs is now only $3.51 billion, a tiny figure compared to the $223 billion forecast for 2031 by research firm VMR.
Meanwhile, investment firm VanEck is optimistic that NFTs can recover with a trading volume of $30 billion in 2025, but in reality, the past 24 hours only recorded $6 million, a very low trading level compared to expectations.
Even top NFT collections (“blue chip”) have plummeted sharply:
CryptoPunks dropped 69.3% from 125 $ETH (2021) to 38.4 ETH.
Bored Ape Yacht Club (BAYC) decreased by 91.7% from 153.7 ETH (2022) to 12.67 ETH.
Pudgy Penguins dropped 73% from 36.33 ETH (2024) to 9.79 ETH.
Is LG giving up on blockchain?
Despite closing Art Lab, #LG remains committed to pursuing digital technologies. Previously, the company collaborated with Oorbit and Pixelynx to integrate the metaverse into smart TVs, allowing users to experience AI games and virtual concerts through cloud streaming.
However, LG has not yet announced its next plans in the blockchain or metaverse sector.
Conclusion: The decline of NFTs?
LG's decision to close Art Lab is a clear sign that NFTs have passed their golden age. When even tech giants have to withdraw, the NFT market may need a strong innovation to revive in the future.