Web3 App From Sony Bank Lets Users Trade NFTs

Despite the slump in the non-fungible token market, companies in Japan continue to show bullishness towards nascent technologies. Last week, Sony Bank launched the CONNECT app, a mobile application that lets customers buy, store, and trade NFTs.

Users can now purchase digital collectibles with crypto or credit card on Sony’s NFT marketplace, SNFT, which runs on the Polygon blockchain. Afterwards, they can display their NFTs on their phone’s homepage or create a gallery in the app. 

The digital collectibles that will be available include intellectual property from Sony Playstation, Sony Pictures, and Sony Music. According to reports, despite a slight hiccup at launch, the number of app downloads has been climbing since it was released at the end of July.

This isn’t the only move in Web3 we’ve seen from Sony Bank, a subsidiary of Sony Group. Last month, the Japanese multinational electronics company announced that it had acquired the cryptocurrency exchange WhaleFin Japan and renamed it S.BLOX.

While Japan has been a tough environment for Web3 companies in the past, as its economy struggles, it appears that some are betting on Web3 to help bring it back. Recently, the island-nation has been easing its crypto regulations to encourage more domestic investment in Web3 companies and is considering removing a corporate tax on unrealized crypto gains.