LG has announced the closure of its NFT platform, LG Art Lab, intensifying the crypto art market's winter.

BlockBeats News, March 21st. According to TheBlock, global electronics giant LG announced that it will shut down its three-year-old NFT platform, LG Art Lab, in June, becoming another traditional enterprise to exit the space following Kraken and Nike's RTFKT. LG Art Lab will automatically refund platform NFTs to user wallets by the end of April and will fully close on June 17th.

The NFT market is experiencing a prolonged downturn, with the current weekly trading volume falling below $100 million, a decrease of over 97% from the peak of $32.4 billion in August 2021. Despite blue-chip projects like Pudgy Penguins exploring entity transformation through IP licensing, the overall NFT market remains mired in a period of de-monetization. LG's exit represents the conclusion of traditional enterprises' foray into the space, signaling that the reshaping of the crypto industry will accelerate towards infrastructure and tooling layers.