Sony Bank’s Web3 app allows users to collect, trade NFTs

Sony Bank, a subsidiary of Sony Financial Holdings (NASDAQ: SONY), has launched a mobile application for customers to collect, store, and trade non-fungible tokens (NFTs) in a renewed push into Web3.

Dubbed the CONNECT app, Sony Bank says the new offering is a step toward digitization as it seeks to put significant distance between itself and other service providers in Japan. The app, launched at the tail end of July, boasts a string of functionalities for users, with Sony Bank hinting at future upgrades.

Users of the CONNECT app can purchase collectibles through Sony’s NFT marketplace, SNFT, and store them on the newly minted mobile app. In addition to storage, users can display their NFTs on the homepage of their mobile devices or create a gallery-style display in the app.

Executives of the digital bank say that app users will have access to a vast pool of collectibles stemming from its trove of intellectual property holdings. The company’s digital collectibles span its holdings from Sony Music, Sony Playstation, and Sony Pictures, giving it range compared to other offerings.

Compared to permissive NFT collections like BAYC, which have stringent rules for commercialization, Sony’s collectibles have lax rules, which the company says will be vital to increasing adoption levels.

Despite the heavy promotion of the NFT app, Sony Bank’s CONNECT app launch day encountered problems as customers failed to receive SMS messages during the registration process. Since the initial roadblock, Sony Bank clarified that it had rectified the issue as the number of downloads has climbed steadily.

Sony’s push into NFTs comes at a time when global transaction volumes and floor prices for digital collectibles are at an all-time low, but experts say the slump could usher in new use cases for the asset class.

Sony Bank is not keen on investing on digital bank inching forward to roll out stablecoins on Polygon. The bank is collaborating with Belgian firm Settlemint to float the stablecoin project.

Japan could lead the NFT resurgence

Experts say Japan is poised to lead the NFT resurgence in the coming months, given the array of use cases emerging from the country. The nation’s cultural influence, particularly in gaming and anime, and its technological expertise are widely touted as reasons for Japan to blaze a trail.

In one use case, the Japanese village of Yamakoshi is turning to NFTs to solve issues regarding its aging population, raising nearly $500,000 for several community-based projects. In 2023, the country’s administrators leaned on NFTs to reward local authorities for their outstanding performance.

Watch: Web3 is natural progression of technology