NFTs
Sony Bank ventures into NFTs with new CONNECT app
Despite a global slowdown in the non-fungible token (NFT) market, Japan remains actively engaged in the sector. Sony Bank recently launched its Sony Bank CONNECT app, allowing users to collect and trade NFTs received through promotional activities. The app also offers features that allow customers to display their favorite NFTs or collections on their phone’s home screen and create gallery-style rooms for their NFTs.
Overcoming Initial Setbacks
The launch of Sony Bank CONNECT was not without its challenges. Initially, users faced issues with not receiving SMS messages required for registration. However, Sony Bank quickly addressed and resolved this issue, ensuring a smoother experience for its customers.
Leveraging Intellectual Property
Sony has a significant advantage in the NFT market due to its vast array of intellectual property (IP) assets, courtesy of its subsidiaries such as Sony Pictures, Sony Music, and Sony PlayStation. This extensive IP portfolio provides Sony with numerous opportunities to create unique and valuable NFTs. However, Sony’s approach to NFT rights contrasts with some of the more popular NFT collections, such as Bored Ape Yacht Club (BAYC), which allows users considerable freedom to market their NFTs. Sony’s terms and conditions are much more restrictive in comparison.
Integration with SNFT Marketplace
The Sony Bank CONNECT app is integrated with Sony Group’s NFT marketplace, SNFT. This marketplace operates on the Polygon public blockchain, distinguishing it from some security tokens that utilize private blockchains to align with regulatory preferences. SNFT also collaborates with various events and artists by offering NFTs as rewards. For example, earlier this year, Sony Bank participated in a $1 million green finance security token issuance using the Securitize private blockchain. Investors who responded to a survey about this initiative were rewarded with NFTs.
User Experience and Future Plans
While some apps try to simplify the user experience by hiding blockchain functionality like gas fees, SNFT opts for transparency. However, it makes it easier for users to access the app by allowing on-ramping with credit cards.
Looking ahead, Sony Bank has plans to issue stablecoins on the Polygon blockchain. Additionally, a subsidiary of the Sony group recently acquired Amber Japan, a cryptocurrency exchange, later renaming it S.BLOX. This acquisition further underscores Sony’s commitment to expanding its presence in the cryptocurrency and blockchain sectors.
In summary, although the global NFT market faces challenges, Sony Bank’s innovative approach with the CONNECT app and its strategic use of the SNFT marketplace highlight its dedication to exploring and expanding the potential of NFTs in Japan and beyond.