{"id":60689,"date":"2023-09-13T22:27:19","date_gmt":"2023-09-14T02:27:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sony-in-blockchain-move-japan-firms-flood-to-web3\/"},"modified":"2023-09-13T22:27:22","modified_gmt":"2023-09-14T02:27:22","slug":"sony-in-blockchain-move-japan-firms-flood-to-web3","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60689","title":{"rendered":"Sony in Blockchain Move, Japan Firms Flood to Web3"},"content":{"rendered":"
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The Japanese electronics and entertainment giant Sony will develop a blockchain network, making it the latest company from the nation to move into the Web3 space.<\/p>\n

The company\u2019s IT subsidiary Sony Network Communications will work on the project, alongside a Singapore-based firm named Startale Labs.<\/p>\n

Per Nikkei and an official Startale Labs release, the companies agreed to co-launch a joint venture firm named Sony Network Communications Labs later this month.<\/p>\n

Until recently, Sony Network Communications has focused most of its attention on the Internet of Things (IoT) market.<\/p>\n

But the subsidiary now looks set to pivot to the blockchain sector.<\/p>\n

On X (Twitter)<\/a>, the Japanese CEO of Startale called the Sony announcement \u201ca historic\u201d event.<\/p>\n

He added:<\/p>\n

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\u201cWe will [\u2026] jointly develop Sony’s blockchain with Sony. As Coinbase\u2019s Base [layer 2 mainnet] grows, the Sony network will have the potential to surpass it and become the world\u2019s top project. More details will be released in time.\u201d<\/p>\n<\/blockquote>\n

Sony claimed that its existing subsidiary would make use of its \u201cIoT, AI, and solution services\u201d to help form \u201ca global infrastructure that underpins the Web3 era.\u201d<\/p>\n

The conglomerate has been active in the blockchain sector since 2018, when it began working on blockchain-powered rights management solutions for digital content.\u00a0<\/p>\n

In 2020, the firm started piloting blockchain-powered platforms for Japanese pop (J-pop) groups on its Sony Music Group roster.\u00a0<\/p>\n

Sony Joins Long List of Web3, Blockchain, Crypto-keen Japanese Firms<\/h2>\n

The firm becomes the latest in a growing line of Japanese firms throwing their hats into the Web3, blockchain, metaverse, and NFT rings.<\/p>\n

Earlier this month, the watchmaker and electronics giant Casio announced it would be launching an NFT line for its G-Shock watch line.<\/p>\n

The sportswear giants Mizuno and Asics have previously unveiled their own NFT plans.<\/p>\n

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The megabank Mistubishi UFJ has unveiled detailed plans to enter the stablecoin space.<\/p>\n

The bank has previously announced its intentions to launch its own fiat-pegged token, as well as a \u201cdigital assets wallet.\u201d<\/p>\n

Other Japanese firms looking to make a splash in the Web3 scene include the carmaker Nissan, which this year launched a \u201cdigital Web3 platform\u201d for car racing fans.<\/p>\n

The Nissan rival Toyota earlier this year sponsored a Web3 hackathon, making use of the Astar blockchain protocol.<\/p>\n

And in June, Honda announced signed a \u201cWeb3 fan engagement\u201d partnership with the startup Animoca Brands.<\/p>\n<\/p><\/div>\n