Sony recently launched the Sony Bank CONNECT app, actively participating in the Web3 domain. Despite current challenges in the global Non-Fungible Token (NFT) market, Japan continues to make strides in this area. Users can collect and trade NFTs obtained through promotions in the app, showcase their favorite collections on their mobile home screens, and even create gallery rooms to display their NFTs.
Sony has long been renowned for its high-quality electronic products, from the Walkman to Blu-ray discs, showcasing its technological innovation. In the early 1990s, through mergers and acquisitions, Sony rapidly expanded into the film and entertainment sector, acquiring Columbia and MGM, becoming one of the world's largest film companies. The Spider-Man series is one of its notable productions. Additionally, since the launch of the PlayStation in 1994, Sony has achieved tremendous success in the gaming console market, now having released up to the fifth generation.
Recently, the Sony Group began to expand into the Web3 and cryptocurrency business. In 2023, it acquired the Japanese subsidiary of Singapore's Amber Group, Amber Japan, rebranding it as S.BLOX, with plans to optimize the user interface of WhaleFin to attract more users. Furthermore, Sony and Startale Labs have formed a joint venture to develop Sony Chain, aiming to establish a public blockchain to make blockchain technology more accessible. Sony has also applied for a patent for its "Super Homogeneous Token," which will further integrate cryptocurrency with its gaming and entertainment business.
Sony's extensive intellectual property, including Sony Pictures, Sony Music, and Sony PlayStation, provides a rich resource for NFT development. However, compared to some popular NFTs like Bored Ape Yacht Club (BAYC), Sony's commercial usage terms are relatively strict.
The CONNECT app is linked to the Sony Group's NFT marketplace, SNFT. The bank has partnered with various events and artists to offer NFTs as rewards. In March of this year, Sony reported a $1 million green financial security token issued using Securitize's private blockchain, with participating investors receiving corresponding NFTs.
While security tokens operate on a private blockchain, meeting regulatory requirements, SNFT opts to use the Polygon public blockchain. To facilitate new user adoption, many applications hide blockchain-related features, but SNFT remains transparent, allowing users to transact with credit cards.
Additionally, Sony Bank plans to issue stablecoins on Polygon, and its subsidiary recently acquired the cryptocurrency exchange Amber Japan, rebranding it as S.BLOX. These initiatives demonstrate Sony's ambition in advancing Web3 and cryptocurrency, hinting at its future development potential.
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