Sony Group Corp., a multinational conglomerate, has unveiled Soneium, an Ethereum Layer-2 blockchain, as part of its ongoing effort to enter the Web3 technology sector.
Sony disclosed in a press release issued on Friday that Soneium is being developed in conjunction with Startale Labs, a Web3 infrastructure company, with whom the tech giant entered into a partnership last year.
Sony also stated that the public blockchain would be accessible to all, and it would host a collection of Web3 games, NFT marketplaces, and entertainment-related services.
The press release stated, “We will endeavor to develop use cases that will pique the interest of individuals who have never utilized Web3 services.”
Sony announced the imminent release of a prototype version of the blockchain to provide developers with firsthand experience. The date of the mainnet introduction was undeclared.
Coinbase, a cryptocurrency exchange, pioneered the trend by releasing Base, another Ethereum-based Layer-2 solution. Sony has now joined a select group of publicly traded firms that have launched their own blockchain.
A month after Sony introduced S.BLOX Inc., a reimagined version of a cryptocurrency exchange it acquired last year, Soneium issued a teaser. The relaunch included the implementation of a new mobile app and a redesigned interface.
Additionally, a patent application submitted last year indicated that the organization is investigating the concept of “super-fungible tokens,” a more adaptable form of NFT that may be applicable to in-game assets.
The motivation behind Sony’s adoption of Web3 was the growing optimism in decentralized systems and concerns regarding the expanding concentration of information on the traditional internet.
Shares of Sony Group closed at $91.30 during the regular trading session on Thursday, down 1.61%, according to data from Benzinga Pro. In the past 24 hours, Ethereum was trading at 2,672.87, representing a 2% increase.
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