Sony, a prominent Japanese conglomerate known for its expertise in electronics and entertainment, is now venturing into the blockchain space. However, Sony’s IT subsidiary, Sony Network Communications, is slated to spearhead this venture, in collaboration with Startale Labs, a company headquartered in Singapore.
Reports from Nikkei and an official statement from Startale Labs confirm that both organizations have signed an agreement. They will collaboratively create a new entity called Sony Network Communications Labs. This establishment is expected to come to fruition later this month.
Sony’s Strategic Shift: Embracing Blockchain in the Web3 Space
Until recently, Sony Network Communications had been primarily engaged in the realm of the Internet of Things (IoT). However, a significant shift is now on the horizon as this subsidiary is poised to pivot towards the dynamic landscape web3 space and blockchain technology.
Taking to Twitter, the CEO of Startale expressed his views on Sony’s announcement, deeming it a momentous occasion. He said:
“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 time.”
Sony’s subsidiary will leverage expertise in IoT, AI, and solution services to shape a global framework for the Web3 era. The conglomerate’s entry into the blockchain realm dates back to 2018. This is when it began developing blockchain-based solutions for the management of digital content rights.
In 2020, the company initiated pilot programs for blockchain-powered platforms catering to Japanese pop (J-pop) groups affiliated with the Sony Music Group.
Japanese Corporations Embrace Web3, Blockchain, Metaverse, and NFTs: A Growing Trend
Sony has joined the expanding group of Japanese companies endorsing Web3, blockchain technology, the metaverse, and NFTs. Just this month, Casio, a well-known watchmaker and electronics giant, revealed its intentions to introduce an NFT collection connected to its G-Shock watch line.
Notably, sportswear giants Mizuno and Asics have previously unveiled their respective blueprints for NFT initiatives. The colossal financial institution Mitsubishi UFJ has unveiled comprehensive strategies to make inroads into the stablecoin arena.
The bank had previously disclosed its intentions to introduce its own fiat-pegged token, along with a “digital assets wallet.”
Several other Japanese corporations are keen on establishing their presence in the Web3 realm. For instance, automaker Nissan has recently introduced a “digital Web3 platform” tailored for automobile racing enthusiasts.
On the other hand, Nissan’s rival, Toyota, sponsored a Web3 hackathon earlier this year, utilizing the capabilities of the Astar blockchain protocol. Notably, Honda announced a “Web3 fan engagement” partnership with the startup Animoca Brands back in June.
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