Although Non-Fungible Tokens markets are apparently in decline globally, the activity is still very real in Japan. Sony Bank is proud to present its new Sony Bank CONNECT app, which lets users collect and trade NFTs from promotions. The application would permit users to set their favorite NFT on the phone's home screen or create gallery-like rooms for collected items.
The very first days of Sony Bank CONNECT were not easy at all. Right from the very beginning, users reported difficulties with receiving the SMS messages necessary for registration. Not much time was wasted by Sony Bank in fixing this problem to provide a better user experience.
With such a plethora of intellectual property—Sony Pictures, Sony Music, and Sony PlayStation—the entertainment giant's portfolio is quite rich in offering unique advantages to Sony in the NFT market. However, Sony's terms and conditions for NFT rights were more restrictive compared with collections like BAYC, which gave users greater freedom to commercialize their NFTs.
The Sony Bank CONNECT app will be connected to SNFT, Sony Group's NFT marketplace. That runs on the Polygon public blockchain-which is separate from some security tokens, which are required to run on private blockchains for regulatory reasons. SNFT also partners with several events and artists to offer NFT rewards; for example, earlier this year, Sony Bank participated in a US $1 million green finance security token project on the Securitize private blockchain, rewarding survey participants with NFTs.
Unlike most apps that try to hide most blockchain features, such as gas fees, SNFT has kept such features visible but made access easier by allowing credit card payments.
Looking further ahead, Sony Bank plans to issue stablecoins on the Polygon blockchain. Not so long ago, a Sony Group subsidiary acquired the cryptocurrency exchange Amber Japan and started using the name S.BLOX. This unmistakably means Sony is serious about making a bigger splash in the cryptocurrency and blockchain sectors.
In summary, with the global NFT market continuing to face headwinds, Sony Bank's CONNECT app innovation and its strategic exposure to the SNFT marketplace continue to set the stage for further exploration and expansion of the NFT opportunity in Japan and beyond.
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