LG: Forget Smartphones. NFTs & Crypto Are Way More Profitable

This one hits really close to home for me...

No more phones.

LG is a company that manufactures a wide variety of items including home appliances, TVs, cameras, and much more. Recently they announced their exit from the smartphone space after quite a run. I remember my first smartphone was an LG Windows Phone and for what it was at the time... It was fucking awesome. I've used a ton of LG products over the years, and sold quite a few as well working for a major phone company.

Their smartphones in particular have always held a special place in my heart. I started working for a major phone company in 2013 and sold a plethora of different LG smartphones. One thing that I loved about every single one of them was they they were not afraid to push the boundaries. Remember the LG G Flex?

They even claimed it had a "self-healing" coating on the back for scratches. This thing was the first flexible display smartphone I ever experienced. 6 inches of OLED was huge at that point in time. The only real competitor was the Samsung Galaxy Mega. Boi, what a giant piece of shit that thing was. I made a ton of money replacing screens for people with those in high school.

Personally - my first LG phone was the LG G5, which I got for free from the company I worked for. After that I had the LG G6 and then the LG v35. Eventually I got the LG v60 and that's what I'm still using to date. The audio quality and battery life are incredible. Sadly, we saw the end of LG mobile last year.

Only crypto.

Although not related necessarily, I can't help think about how they stopped making phones to do shit with crypto. I saw how little phones they sold first hand and always wondered how they kept going. The sad reality is that they were making little to no money off arguably some of the best smartphones our there. Their marketing was horrific and the product names even worse... LG V60 ThinQ 5G

Announced yesterday at their annual shareholders meeting, LG has blockchain, crypto, and medical devices to its areas of business. Medical devices isn't really surprising... You know on account of the pandemic and shit... But blockchain and crypto? What about my phone's second year warranty though?!

Its new objectives include "the development and selling of blockchain-based software" and "the sale and brokerage of cryptocurrency."

Wow. LG Crypto Wallet and LG DEX coming soon or what? What about LG Coin? The thing about these new areas of business are the costs of creating them are insanely low. How much does it cost to manufacture a smartphone vs. minting some NFTs? See what I mean? Way more profitable to sell digital assets rather than physical devices.

What about apps specifically designed to display your NFTs on LG TVs? Ever wanted to put a shit ton of TVs on your wallet to display all the shameful stupid generative art you own? Me neither but apparently there's a market for it.

The tech manufacturer introduced smart television models with the NFT option last month with Kakao's Ground X, a blockchain company.
It also announced a partnership with Seoul Auction Blue, an NFT-focused company, to carry out projects related to NFT-based artworks.

Clearly the large focus here is on NFTs of course. The hottest new digital asset that everyone wants to make shit tons of money from. Why wouldn't they embrace the technology? It would have been great to see a crypto wallet built into LG smartphones but that will never become a reality since they killed their mobile division. I guess displaying NFTs on their TVs is the closest we'll get... I'm gunna go crawl in a hole.

Thanks for reading! Much love.

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