Sony Bank Launches NFT Collection and Trading App CONNECT

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.

Sony Bank Launches NFT Collection and Trading App

While the global market for non-fungible tokens (NFTs) has seen a downturn this year, Japan is continuing to embrace the technology.

Sony Bank has launched a new app called Sony Bank CONNECT, which allows users to collect and trade NFTs that they have received as part of promotions.

Customers can choose to display their favorite NFT or collection on the home screen of their mobile phone. They can also create a gallery-style room to showcase their NFTs.

The launch of the app encountered a minor hiccup, with some users not receiving SMS messages during registration. However, the bank has since resolved this issue.

Sony has a vast portfolio of intellectual property that could be used to create NFTs, including its subsidiaries such as Sony Pictures, Sony Music, and Sony PlayStation.

Some of the most popular NFTs, such as the Bored Ape Yacht Club (BAYC), have very permissive rights that allow users to commercialize them. However, Sony's terms and conditions are known for being restrictive.

The CONNECT app is linked to the Sony Group NFT marketplace, called SNFT. The bank has already partnered with several events and artists to offer NFTs as rewards.

In March, we reported on a $1 million green finance security token issuance using the Securitize private blockchain. Those who invested and completed a survey received an NFT.

The security token is on a private blockchain, which is the preference of regulators. However, SNFT uses the Polygon public blockchain for other NFTs.

Some apps try to hide blockchain functionality, such as the need to pay for gas fees, to make the experience more user-friendly for new users. However, SNFT does not, although it allows users to on-ramp with credit cards.

Sony Bank is also planning to issue stablecoins on Polygon. In addition, a Sony group subsidiary purchased Amber Japan, a cryptocurrency exchange, which was rebranded as S.BLOX last month.