Sony is teaming up with Startale Labs to create its blockchain network, marking a shift from IoT to the blockchain sector and joining other Japanese firms in the growing Web3 space.
Key Points
- Sony is partnering with Startale Labs to develop its own blockchain network, shifting its focus from IoT to the blockchain sector.
- The two companies are launching a joint venture called Sony Network Communications Labs.
- Startale’s CEO believes this collaboration could lead to Sony’s blockchain surpassing Coinbase’s Base as a leading project.
- Sony plans to leverage its subsidiary’s expertise in IoT, AI, and solutions to establish a global infrastructure for the Web3 era, joining other Japanese companies exploring blockchain and Web3 technologies.
Japanese electronics and entertainment giant Sony is set to enter the Web3 space by developing its own blockchain network.
The project will be spearheaded by Sony Network Communications, the company’s IT subsidiary, in collaboration with Singapore-based firm Startale Labs.
Sony Network Communications and Startale Labs Form Joint Venture to Build a blockchain | Startale Labs https://t.co/kzNs8CQcC0
— Startale Labs (@StartaleHQ) September 12, 2023
Sony’s Blockchain Plans
Both Sony and Startale Labs have announced their plans to co-launch a joint venture firm named Sony Network Communications Labs later this month.
This move indicates Sony Network Communications’ shift from its previous focus on the Internet of Things (IoT) market to the blockchain sector.
The CEO of Startale, a Japanese executive named Sota, referred to Sony’s announcement as a historic event on Twitter.
He emphasized that the collaboration between Sony and Startale will lead to the development of Sony’s blockchain.
Sota expressed his belief that as Coinbase’s Base (layer 2 mainnet) grows, Sony’s network has the potential to surpass it and become the world’s leading project. Further details about the partnership will be revealed in due course.
Sony’s Expertise
Sony intends to leverage its subsidiary’s expertise in IoT, AI, and solution services to establish a global infrastructure that underpins the Web3 era.
This represents a significant milestone for the conglomerate, which has been actively exploring the blockchain space since 2018 when it started working on blockchain-powered rights management solutions for digital content.
In 2020, Sony also began piloting blockchain-powered platforms for Japanese pop groups under its Sony Music Group roster.
Sony is the latest addition to a growing list of Japanese companies venturing into the Web3, blockchain, metaverse, and NFT sectors. Casio, a watchmaker and electronics giant, recently announced its plans to launch an NFT line for its G-Shock watch line.
Sportswear giants Mizuno and Asics have also unveiled their own NFT initiatives. Additionally, megabank Mistubishi UFJ has detailed its entrance into the stablecoin space, including launching its own fiat-pegged token and a digital assets wallet.
Concluding Thoughts
Other Japanese firms such as Nissan, Toyota, and Honda are also making significant strides in the Web3 scene.
Nissan has launched a digital Web3 platform for car racing fans, while Toyota sponsored a Web3 hackathon utilizing the Astar blockchain protocol.
Honda, on the other hand, entered into a partnership with startup Animoca Brands to enhance fan engagement through Web3.
Sony’s foray into the blockchain sector demonstrates the growing interest and involvement of Japanese companies in the Web3 space.
As they embrace blockchain technology, these firms are positioning themselves at the forefront of innovation and seeking to capitalize on the potential of decentralized applications and cryptocurrencies.
