LG announces the closure of its NFT platform LG Art Lab, as the encryption art market faces a deepening winter.

On March 21, according to TheBlock, global electronics giant LG announced that it would shut down LG Art Lab, an NFT platform that had been in operation for three years, in June, becoming another traditional enterprise to leave the market after CEX and Nike's RTFKT. LG Art Lab will automatically return the platform NFTs to users' wallets by the end of April and fully shut them down on June 17. The NFT market has fallen into a sustained downturn, with the current weekly NFT trading volume falling below $100 million, down more than 97% from its peak of $3.24 billion in August 2021. Although blue-chip projects such as Pudgy Penguins are exploring physical transformation through IP licensing, the NFT market as a whole is still mired in a de-bubble cycle. LG's exit represents the end of the cross-border testing of traditional enterprises, and the reshuffle of the crypto industry will accelerate the concentration of infrastructure and tools.