Sony enters the world of Web3 through a new blockchain network. Joining the wave of Japanese companies interested in blockchain and digital currencies.
Fresh details emerge about the Japanese electronics and entertainment giant, Sony, as it ventures into the world of blockchain technology through a strategic partnership with a Singapore-based company named “Startale Labs.” Sony’s IT subsidiary, Sony Network Communications, will spearhead this project.
According to a report from Nikkei and an official statement from Startale Labs, the two companies have agreed to launch a joint project named “Sony Network Communications Labs” later this month.
Historically, Sony Network Communications has primarily focused on the Internet of Things (IoT) market. However, it now appears that the subsidiary is gearing up to make a significant shift toward the blockchain sector.
In a tweet on Twitter, the CEO of Startale, a Japanese firm, described Sony’s announcement as a “historic event.” He added, “We will jointly develop Sony’s blockchain with Sony. As Coinbase’s Base Layer 2 mainnet grows, the Sony network will have the potential to surpass it and become the world’s top project. More details will be released in due time.”
Sony Prepares to Build Global Infrastructure for the Web3 Era
Sony has stated that its current subsidiary will leverage “IoT, AI, and solution services” to contribute to the creation of a “global infrastructure that underpins the Web3 era.” This announcement is part of the company’s plans to harness blockchain technology and develop solutions for digital content rights management.
Sony has been active in the blockchain sector since 2018, when it commenced work on blockchain-powered rights management solutions for digital content. In 2020, the company initiated pilot projects for blockchain-powered platforms catering to Japanese pop (J-pop) groups under its Sony Music Group umbrella.
Sony Joins a List of Japanese Companies Interested in Web3, Blockchain, and Digital Currencies
Sony now joins a growing list of Japanese companies diving into the world of Web3, blockchain, metaverse, and non-fungible tokens (NFTs).
Earlier this month, watchmaker and electronics giant Casio announced its plans to launch an NFT line for its G-Shock watch collection.
Sportswear giants Mizuno and Asics have also unveiled their own NFT-related initiatives.
Mitsubishi UFJ, one of Japan’s largest banks, has disclosed detailed plans to enter the stablecoin space. The bank had previously announced its intentions to launch its own fiat-pegged token, along with a “digital assets wallet.”
Other Japanese companies looking to make a splash in the Web3 scene include automaker Nissan, which launched a “digital Web3 platform” for car racing enthusiasts this year. Nissan’s rival, Toyota, sponsored a Web3 hackathon earlier in the year, making use of the Astar blockchain protocol.
In June, Honda announced a “Web3 fan engagement” partnership with the startup Animoca Brands.