While the market for non fungible tokens (NFTs) is in the doldrums globally, Japan is still leaning in. Sony Bank has just launched its Sony Bank CONNECT app where users can collect and trade the NFTs they’ve received as promotions.
Clients can display their favorite NFT or collection on the home screen of their phones. Additionally, they can create a gallery style room containing their NFTs.
The launch encountered a slight hiccup when users didn’t receive the SMS messages on 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 such as Sony Pictures, Sony Music and Sony PlayStation. On the other hand, some of the most viral NFTs, such as the Bored Ape Yacht Club (BAYC), have very permissive rights allowing users to commercialize them. Looking at the terms and conditions, Sony is the opposite.
The CONNECT app is linked to the Sony Group NFT marketplace, SNFT. The bank has already collaborated with a few events and artists to provide NFTs as rewards. In March we reported on a US $1 million green finance security token issuance using the Securitize private blockchain. Users that invested and responded to a survey received an NFT.
While the security token may be on a private blockchain, which is the regulator’s preference, SNFT uses the Polygon public blockchain. In order to make the experience more user friendly for new users, some apps try to hide blockchain functionality, such as the need to pay for gas fees. However, SNFT does not, although it lets users on-ramp with credit cards.
Sony Bank is also planning to issue stablecoins on Polygon. Additionally, a Sony group subsidiary bought Amber Japan, a cryptocurrency exchange and last month rebranded it as S.BLOX.
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