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Consumer electronics firm LG is looking to hire two chief technical officers (CTOs) to spearhead the company’s efforts in the Web3 space, reports Digital Today.

According to the job listing, potential hires are expected to have a solid understanding of the usability of distributed ledger technology and non-fungible tokens (NFTs). The wording on the listing gives credence to the fact that LG has its sights firmly placed on NFTs, but a company spokesperson has downplayed the move.

“Recruitment of a CTO is strictly business and there is no new meaning behind this. Preparations for related businesses such as [digital] wallets are proceeding smoothly,” said the official.

One of the CTOs will be in charge of charting a new Web3 course for the company, while the other will be saddled with the responsibilities of “blockchain-related research and blockchain-powered apps.”

“His main task includes planning and developing DApp services, trend analysis, and research for blockchain web 3 projects, and securing technical know-how through partnerships with various blockchain networks,” read Digital Today’s report.

The move is coming right after LG registered a trademark for a digital asset wallet with the United States Patent and Trademark Office (USPTO). The South Korean firm will be seeking to offer consumers the services of mobile banking, financing, e-wallet for digital currency, and transaction authorization under the brand ThinQ.

LG’s other subsidiaries are also beginning to dabble in Web3 and digital assets in line with the holding company’s ambition. In August, the company’s telecoms arm, LGU+ announced that it would issue a range of digital collectibles featuring its octopus-like animated character.

Stiff competition in the space

Consumer electronic firms are scrambling for a piece of the NFT market share, creating their own digital collectibles and offering to lure in new users. South Korea’s tech giant Samsung has not hidden its interest in the ecosystem, disclosing a plan for its smart TVs to become NFT gateways.

The plan featured integration with Nifty Gateway, allowing users to purchase, sell and view digital collectibles with the push of a few buttons. Samsung stated that the smart TVs would “optimize the settings for a faithful rendering of the artist’s intention.”

HTC, a technology firm from Taiwan, has thrown its hat in the NFT ring with a mobile phone that comes in-built with metaverse and NFT support. The device comes preloaded with several applications designed to allow users to interact with web 3 protocols in a seamless and user-friendly manner.

Watch: The BSV Global Blockchain Convention presentation, NFTs: What Can We Do Better?

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