LG is set to close its NFT platform, LG Art Lab, on June 17, following significant downturns in the NFT market that have seen many major collections lose over 70% of their value. The platform, launched during a peak in NFT interest in September 2022, initially aimed to allow users to display NFTs on their televisions and collaborated with visual artists to create digital collections. In light of the evolving NFT landscape, LG announced the decision to refocus and explore new opportunities. Users with assets on the marketplace will have those transferred to their personal wallets by April 30, with customer support continuing until July 18. The NFT sector has struggled after the significant market boom in 2021-2022, with reports indicating the global NFT market cap has plummeted to $3.67 billion as NFT prices continue to decline. Other companies, such as Kraken and Nike's RTFKT, have also scaled back or shut down their NFT initiatives amidst this market shift.

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