Reserved IP Address°C
04-02-2025
BSV
$31.56
Vol 23.14m
-2.04%
BTC
$84043
Vol 26739.86m
1.29%
BCH
$303.13
Vol 144.26m
-1.35%
LTC
$81.54
Vol 332.42m
-3.24%
DOGE
$0.16
Vol 1225.21m
-0.4%
Getting your Trinity Audio player ready...

Sony Network Communications (NASDAQ: SONY) has revealed ambitious plans to launch a public blockchain, which it says could become the “backbone of global Web3 infrastructure.”

Sony confirmed that the project will be in the form of a joint venture agreement with Startale Labs, makers of the Astar Network. Sony stated that it will own 90% of the project, with Startale Labs owning 10%.

“As blockchain technology continues advancing, the teams will harness it to its fullest potential and focus on creating killer Web3 use cases to drive the adoption of Web3,” read the statement.

Sony expressed optimism that its new blockchain could surpass Coinbase‘s (NASDAQ: COINBase in functionality and daily active users. Sony says it will leverage its extensive experience in gaming, music, imaging and sensing, financial services, and network solutions to provide an innovative solution for Web3 users.

Sony stated on its website that its new Web3 network will connect “souls across generations” and “contribute to creating the foundation for digital societies to flourish.” Despite the optimism around the project, technical details still need to be more sparse as pundits mull over the proposed use cases and network functionality.

The company also points to Startale Labs’ previous successful forays in blockchain technology as proof of the project’s future success.

“By combining Sony Network Communications’ experience in communication, IoT, AI, and solution services with Startale Labs’ insights and technical prowess in Web3, we aspire to create a global infrastructure that underpins the Web3 era, driving innovation across existing industries.”

Sony and Startale Labs launched a joint incubation program back in May, funding and providing technical support to nearly 20 Web3 projects. Since 2021, Sony has filed Web3 patents focusing on non-fungible tokens (NFTs), the metaverse, and decentralized applications (DApps).

Changing the narrative via NFTs

As the rest of the world makes the pivot to blockchain technology, BSV blockchain-based RAD NFTV is leaning on NFTs to restore digital ownership to Hollywood creators. Apart from ownership using NFTs, Rad believes that smart contracts hold the promise of transparency and efficiency in financial audits.

RAD NFTV executive Tony Mugavero stated that creators can be compensated “in real-time” without the hassles of relying on middlemen or third parties for their royalties.

According to Mugavero, given the instantaneous nature of a smart contract-based financial audit, individuals do not need to wait for years to access their benefits.

Watch: Web3 is natural progression of technology

Recommended for you

Indian family offices drawn to startups in fintech, AI: PwC
India's fintech sector is rapidly growing, with startups making significant contributions with support and investments from ultra-wealthy family offices.
April 2, 2025
Google Wallet unveils ‘Tap-To-Pay’ functionalities for kids
Google Wallet's new Tap-To-Pay feature allows kids to make payments easily; meanwhile Visa revealed a growing security awareness in digital...
April 2, 2025
Advertisement
Advertisement
Advertisement