Sony Network Communications, a subsidiary of Sony Corporation, has partnered with Startale Labs to explore the potential of blockchain technology. The companies aim to develop new use cases for the upcoming Web3 era.
The move was announced months after Sony Interactive Entertainment, the company running the PlayStation brand, filed a patent that allows players to transfer non-fungible tokens (NFTs) between different games and consoles.
Announced on Tuesday, Sony Network Communications and Startale’s Singapore-based blockchain joint venture will be known as Sony Network Communications Labs Pte. Ltd. According to the announcement, the joint venture already had S1 million ($733,000) in capital. Ninety percent of the venture is owned by Sony, while Startale maintains 10 percent.
Jun Watanabe, president and representative director of Sony Network Communications, also plans to join Startale as a director. He said, “I am excited to strengthen further our collaboration with Startale, a company with advanced Web3 technologies and expertise. We have already been cooperating with Startale Labs by jointly hosting incubation programs, aiming to promote the development of Web3.”
The joint venture combines Sony’s capabilities in entertainment technology, gaming and financial services with Startale’s expertise in blockchain technology. Many other Japanese companies are also now looking into Web3 to explore technologies such as smart contracts and NFTs.
Startale CEO Sota Watanabe expressed his excitement about this collaboration.
“Following our capital partnership with Sony Network Communications in June and the subsequent announcement of this joint venture, we are looking forward to collaborating more deeply,” he said.
“This joint venture is founded on the synergy of our respective assets and knowledge, aimed at co-developing leading blockchain and its ecosystem. We are determined to discern web3 trends and drive them globally.”
Watanabe has previously expressed doubts about the United States’ commitment to furthering the progress of digital technology. According to the CEO, the Asia region is much more supportive of creating regulations that will support Sony’s and Startale’s mission.
“The US government is hesitant to make crypto usable. Regulation is getting tighter and tighter. China, Singapore, Japan, and Korea think this is an opportunity,” he said.
Watanabe is a co-founder of the Astar Network, a parachain operating within the Polkadot ecosystem. Astar also happens to be the foundation upon which Startale was built.
Astar has steadily gained traction, ranking as the fourth most traded token in Japan in May 2023. Astar is currently ranked as the 110th largest cryptocurrency with a market cap of over $280 million, according to CoinGecko.
Sony’s other subsidiaries have been adopting blockchain technology for practical purposes as well. These include Sony Global Education, Inc., which utilizes blockchain to integrate data from schools and learning centers. The objective is to allow educational institutions, educators and students to manage their academic growth reports and improve their learning process through a digital platform.
Another example is how Sony Music Entertainment created a service called “Soundmain,” which aims to employ blockchain technology to solve sampling and copyright issues in Japan. Soundmain’s service connects music creators and sample owners, ensuring that the the latter are compensated at a fair price point.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Crypto Gambling is not available at your location.
For US visitors, we recommend playing at Stake.us Social Casino instead.