LG U+ Axes Its NFT Business

IconCryptoNewsTerminal Staff23 Jul, 2024

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LG U+ Axes Its NFT Business

LG U+ Pulls the Plug on Its NFT Business In a recent move, LG U+ has announced the discontinuation of its non-fungible token (NFT) business. The company has shuttered its dedicated NFT website and Discord channel, signaling a shift away from the digital collectible market. LG U+ had initially made waves in the NFT space in 2022 with the launch of an NFT featuring its mascot, Muner. The offering sold out within seconds, showcasing the initial excitement surrounding the project. However, subsequent NFT releases have failed to generate the same level of enthusiasm, leading to the company's decision to withdraw from the market. An LG U+ spokesperson clarified that the company is not abandoning its NFT business entirely, but rather scaling back its operations. "We currently have no plans for additional NFT issuances," they stated, indicating a focus on other areas of innovation.

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