NFTs
Sony Bank launches web3 app – Ledger Insights
While the non-fungible token (NFT) market is stagnant globally, Japan is still making efforts. Sony Bank has just launched its Sony Bank CONNECT app, where users can collect and trade the NFTs they have received as promotions.
Customers can display their favorite NFTs or collections on their phone’s home screen. Additionally, they can create a gallery-style room containing their NFTs.
The launch encountered a small issue when users did not receive SMS messages upon registration, but the bank has resolved the issue.
On the one hand, Sony has a treasure trove of intellectual property to leverage in NFTs, given its subsidiaries like Sony Pictures, Sony Music, and Sony PlayStation. On the other hand, some of the most viral NFTs, like Bored Ape Yacht Club (BAYC), have very permissive rights allowing users to trade them. Looking at the terms and conditions, Sony is the opposite.
The CONNECT app is linked to Sony Group’s NFT marketplace, SNFT. The bank has already collaborated with a number of events and artists to offer NFTs as rewards. In March, we reported on a U.S. $1 million green financing security token issuance using the Securitize private blockchain. Users who invested and responded to a survey received an NFT.
While the security token can be on a private blockchain, which is the regulator’s preference, SNFT uses the public Polygon blockchain. To make the experience more user-friendly for new users, some apps try to hide blockchain functionality, such as the need to pay gas fees. However, SNFT does not do this, although it does allow users to sign in with credit cards.
Sony Bank is also planning to issue stablecoins on Polygon. Additionally, a subsidiary of the Sony group purchased Amber Japan, a cryptocurrency exchange, and last month renamed it S.BLOX.