Sony, the Japanese electronics and entertainment giant, is venturing into the Web3 space by developing a blockchain network. Sony Network Communications, the company’s IT subsidiary, will be collaborating with Singapore-based firm Startale Labs to establish a joint venture named Sony Network Communications Labs. This move signifies a shift towards blockchain technology, as Sony Network Communications previously focused primarily on the Internet of Things (IoT) market.
Startale Labs’ CEO expressed excitement over the announcement, stating that Sony’s blockchain has the potential to surpass Coinbase’s Base and become the leading project globally. Sony aims to leverage its existing subsidiary’s expertise in IoT, AI, and solution services to build a global infrastructure for the Web3 era.
Sony has been active in the blockchain sector since 2018, developing blockchain-powered rights management solutions for digital content. In 2020, the company piloted blockchain-powered platforms for Japanese pop (J-pop) groups under its Sony Music Group roster.
Sony Joins Japanese Companies Embracing Web3, Blockchain, and NFTs
Sony adds to the growing list of Japanese companies diving into the Web3, blockchain, metaverse, and NFT spaces. Casio, a watchmaker and electronics giant, recently announced plans to launch an NFT line for its G-Shock watch collection. Sportswear giants Mizuno and Asics have also revealed their own NFT initiatives. Mitsubishi UFJ, a major bank, has detailed its entry into the stablecoin market and intends to launch its own fiat-pegged token and digital assets wallet. Other notable Japanese firms exploring Web3 include automakers Nissan and Toyota, who have both embraced blockchain technology for various projects.
Additionally, Honda recently entered into a “Web3 fan engagement” partnership with startup Animoca Brands.