What is Sony Bank’s NFT App ‘Connect’?

Users of the Connect app can purchase digital collectibles directly through Sony’s NFT marketplace, SNFT.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 8 August 2024 13:51 IST

Photo Credit: Reuters

Sony Bank will be deploying more functionalities to make this app more usable in the future

Highlights

Sony has been exploring Web3 since at least last year
The Sony Bank Connect app is likely to get a wallet feature soon
Currently, the app only works in Japan

Sony Financial Holdings' subsidiaries are independently exploring Web3 to connect with the next generation of consumers. In a recent move, Sony Bank introduced an NFT app called ‘Connect.' This app allows customers to hold, trade, and collect digital collectibles, all through their phone. Users can display their NFT collections and interact with other community members.

Connect to Get More Features Soon

By joining the Connect app, users can purchase digital collectibles directly from Sony's NFT marketplace, SNFT. The app also stores NFTs and other digital assets distributed as promotional incentives from brands and new projects.

Sony Bank will be deploying more features to make this app more usable for its community members.

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“We are currently working on defining requirements and designing a blockchain-based wallet, and this is the first step in that process. We will continue to expand the functionality after release while incorporating customer requests in the future and contribute to the future development of the Web3 entertainment sector in Japan,” the company said in its blog post detailing the app.

Norbert Gehrke, Japan-based fintech observer published a blog about this initiative from the Sony group, outlining that the app can be used to set a favourite NFT as a homescreen widget on the users' smartphone.

“You can browse and view your own special 3D gallery in which you can freely arrange your NFT collection from SNFT. Sony Bank Connect will deliver various notifications and messages that will accelerate your web3 entertainment experience,” Gehrke noted.

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While the app has not been made available in India, stats on Google Play Store show that the newly launched app has already seen over a thousand downloads.
Currently, it is unclear if Sony Bank plans to expand this app to other countries or for web use in the future.

Sony's Web3 Journey

Between March and July this year, Sony Financial Holdings' subsidiaries have delved deeper into Web3. In March, Sony hinted at plans to integrate a special type of NFT into its gaming ecosystem. The company said that as part of its in-game mechanics, gamers could be allowed to assemble all their digital collectibles and create a Super Fungible Token.

In July, Sony said it was gearing up to run a crypto exchange business through WhaleFin, which it acquired in 2023.

Since 2023, the Japanese tech giant has also been conducting research on how blockchain technology could be used to solve issues in the gaming, entertainment, music, and imaging industries

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Further reading: Cryptocurrency, Sony, NFT, Connect App

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More