- Sony Network Communications has teamed up with Sun Asterisk to launch a non-fungible token business in Singapore.
- The new company will offer contract development and consultancy services on projects related to NFTs.
- Sony Net will own 70% of the company while Asterisk will own the remaining 30%.
Sony Network Communications “Sony Net”, “So-Net”, has collaborated with Sun Asterisk to launch a non-fungible token (NFT) business in Singapore.
The two Japanese companies want to offer contract development and consultancy services on projects related to NFTs. The new entity has been registered under the corporate name, Sony Network Communications Singapore Pte. Ltd.
Sony Communications Network is a subsidiary of Sony Group, one of the world’s largest electronics and media conglomerates.
According to the announcement, Sony Network Communications will own 70% of the new company while Sun Asterisk will own the remaining 30%. The document published on Sun Asterisk’s website on April 11, also shows that the new company will have an inception capital of $1.2 million with Jun Watanabe, the president of Sony Wireless Communication Inc. serving as president.
The new business fits well in Sony’s grand strategy for the Web3 after the electronics giant invested $1 billion in Epic Games’ $2 billion raise, to bring the video game developers’ best titles to the metaverse.
The Singapore-based NFT business will leverage the knowledge and achievements of Sony Network Communications’ communication business and service solution business, as well as the development and operation resources, know-how and technological capabilities of Sun Asterisk to capitalise on opportunities from the ever-expanding NFT market.
“We will promote our business and aim to contribute to the diverse economic areas created in the world of Web3.0 in the future,” the companies wrote in the publication.
An NFT is a one-of-a-kind digital representation of an artwork, collectible, or music stored in the blockchain. The phenomenon has trended since 2021 amid an influx of celebrities and venture capital investment.
Some of the most popular segments that NFT projects are targeting include games, art, sports, music, and real estate.
Last August, Sony Music, another subsidiary of Sony Group, joined a $30 million funding round for NFT marketplace MakersPlace. Two months later, Sony backed Epic Games’ Megaverse fundraising with a $250 million investment giving it a 1.5% stake in the Fortnite game maker.
Stay up to date: