Sony Bank has unveiled its new app, Sony Bank CONNECT, allowing users to collect and trade NFTs received through promotions. This launch comes as the global market for non-fungible tokens (NFTs) faces challenges, but Japan continues to embrace the trend.

Features of the CONNECT App

The CONNECT app enables users to display their favorite NFTs or collections on their phone’s home screen. Additionally, users can create a gallery-style room to showcase their NFTs, enhancing the interactive experience.

Upon launch, the app faced a minor issue where users did not receive SMS messages for registration. However, Sony Bank swiftly resolved the problem, ensuring a smoother onboarding process for users.

Leveraging Sony’s Intellectual Property

Sony has a vast array of intellectual property (IP) through its subsidiaries, including Sony Pictures, Sony Music, and Sony PlayStation. This treasure trove of IP provides a rich source of material for NFTs. However, unlike some popular NFTs such as the Bored Ape Yacht Club, which allow users to commercialize their NFTs, Sony’s terms and conditions are more restrictive.

The CONNECT app is linked to the Sony Group’s NFT marketplace, SNFT. The bank has already collaborated with various events and artists to offer NFTs as rewards. For instance, in March, Sony Bank issued a $1 million green finance security token using the Securitize private blockchain, rewarding participants with NFTs.

Blockchain and User Experience

While the security token operates on a private blockchain, SNFT uses the Polygon public blockchain. Unlike some apps that hide blockchain functionalities to simplify the user experience, SNFT includes features like gas fees but allows users to use credit cards for transactions.

Sony Bank is planning to issue stablecoins on the Polygon blockchain. Additionally, a Sony Group subsidiary recently acquired Amber Japan, a cryptocurrency exchange, and rebranded it as S.BLOX, signaling further expansion into the digital currency space.