Sony Makes Blockchain Move as Japanese Firms Flood to Web3 Space

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 23, 2023 04:58 EDT

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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.

The company’s IT subsidiary Sony Network Communications will work on the project, alongside a Singapore-based firm named Startale Labs.

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.

Until recently, Sony Network Communications has focused most of its attention on the Internet of Things (IoT) market.

But the subsidiary now looks set to pivot to the blockchain sector.

On X (Twitter), the Japanese CEO of Startale called the Sony announcement “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 time.”

Sony claimed that its existing subsidiary would make use of its “IoT, AI, and solution services” to help form “a global infrastructure that underpins the Web3 era.”

The conglomerate has been active in the blockchain sector since 2018, when it began working on blockchain-powered rights management solutions for digital content. 

In 2020, the firm started piloting blockchain-powered platforms for Japanese pop (J-pop) groups on its Sony Music Group roster. 

Sony Joins Long List of Web3, Blockchain, Crypto-keen Japanese Firms

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

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

The sportswear giants Mizuno and Asics have previously unveiled their own NFT plans.

Nice! Asics X Solana sneakers

Comes with an NFT, pay with Solana Payhttps://t.co/j9Ap4KG0sk pic.twitter.com/D7pL5A8nsO

— Laine ❤️ stakewiz.com (@laine_sa_) April 11, 2023

The megabank Mistubishi UFJ has unveiled detailed plans to enter the stablecoin space.

The bank has previously announced its intentions to launch its own fiat-pegged token, as well as a “digital assets wallet.”

Other Japanese firms looking to make a splash in the Web3 scene include the carmaker Nissan, which this year launched a “digital Web3 platform” for car racing fans.

The Nissan rival Toyota earlier this year sponsored a Web3 hackathon, making use of the Astar blockchain protocol.

And in June, Honda announced signed a “Web3 fan engagement” partnership with the startup Animoca Brands.