Sony Block Solutions Labs, a subsidiary of Sony Group, has unveiled plans to develop Soneium, an Ethereum Layer-2 network designed to accelerate blockchain technology adoption, according to an Aug. 23 statement.

The layer-2 network—a result of a collaboration with blockchain infrastructure provider Startale—seeks to bridge blockchain technology (Web3) with everyday internet services.

This project signals Sony’s ongoing expansion into the digital asset space. Sony Group hinted at launching a crypto exchange in July after acquiring Amber Japan’s WhaleFin exchange. The tech giant plans to rename and relaunch the exchange, although the timeline remains unclear.

Soneium

The network would be designed as a versatile, general-purpose blockchain with competitive features, blending elements from entertainment, gaming, finance, and other sectors.

Soneium would leverage the Op Stack and Superchain developed by the Optimism Foundation. A testnet will be launched in the coming weeks to provide developers with hands-on experience.

Several crypto protocols, including Chainlink and the Astar network, are already joining the project as launch partners. Astar said its zkEVM solution would transition into Soneium, and its native ASTR token will play a vital role within the planned layer-2 solution.

Jun Watanabe, Chairman of Sony Block Solutions Labs, highlighted Soneium’s opportunity to introduce blockchain technology to a global audience by leveraging Sony’s extensive reach across entertainment, finance, electronics, and gaming. He emphasized that Soneium will eventually integrate with Sony Group services to attract users unfamiliar with Web3.

Layer-2 networks

Ethereum layer-2 networks are designed to enhance mainnet scalability and speed and have seen sustained success recently.

Over the past year, the layer-2 landscape has become crowded with major crypto firms, including Coinbase, launching their networks and scoring massive community adoption.

As a result, layer-2 networks now handle most of Ethereum’s activity. According to available data, about 89% of blockchain transactions occur on these platforms.

However, some critics argue that this expansion could harm Ethereum in the long run. These networks have already pushed the blockchain network’s fees to three-year lows and could also potentially signal the end of ETH’s “ultrasound money” narrative.

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Sony Music, a US company that represents one of the three largest record labels in the music industry, has filed an application for a trademark with the aim of releasing NFT-backed music, lyrics and videos.

Another step towards Web3: Sony Music’s new trademark to certify music with NFTs

The news was released by lawyer Mike Kondoudis on Tuesday through a tweet:

#SonyMusic has filed a trademark application for the Columbia Records logo claiming plans to use it for:
NFT Backed Media
Music + Podcast Production
Artist Management + Music distribution services
..and more!#NFTs #Metaverse #Web3 #Columbiarecords #Pop #Rock #Hiphop pic.twitter.com/xY7kRMgo1m

— Mike Kondoudis (@KondoudisLaw) September 6, 2022

The announcement shows that the American corporate giant has filed the application for the filing of a new trademark in order to be able to release, in the very near future, audio and video recordings with live musical performances authenticated by NFTs.

The trademark application covers music and artists with the Columbia Records logo, as well as online marketing, promotion, distribution, advertising and entertainment services, including podcasts and audiovisual recordings.

The various projects in which Sony Music has participated

For Sony Music, this is not the first project to ride the wave and potential of Web3.

In the past, the US giant has already shown to deeply believe in the inevitable evolution of the music world.

This is certainly demonstrated by his participation in the MarkersPlace financial round.

The platform in question closed a $30 million investment in August. The most important companies that participated were: Pantera Capital, Bessemer Venture Partners, Coinbase Ventures and Sony Music Entertainment.

In March, the company partnered with Solana Snowcrash and the music giant Universal Music Group to publish Bob Dylan and Miles Davis’ NFT collections.

The world of music is changing

Web3 is redefining the music landscape.

The new rules of the game are becoming increasingly clear and it will be finally the artists themselves that will benefit mostly.

More and more singers are choosing to use Non-Fungible Tokens in different ways.

Timbaland, for example, a famous American producer and songwriter, had left everyone speechless at the BAYC Ape Fest in NYC with the launch of his new video – “Has a meaning”. The producer had decided to center his latest track on his Bored Ape # 590 – nicknamed Congo, his musical alter ego.

All of this has been possible due to the fact that all owners of a Bored Ape can use their NFT monkey to create anything.

A marketing strategy that is proving to be truly infallible.

The BAYC community, from the very beginning, decided to hand over the IP rights of their own products to all owners of a Bored Ape, leaving them the opportunity to exploit the unlimited potential of NFTs.

Muse also recently decided to release some copies of their new album in the form of an NFT.

The album, which is currently at the top of the charts, is called “Will of the people” and sold 51,500 copies in its first week alone. Of these, only 1,000 are in NFT format.

It is also worth mentioning the MTV’s Video Music Awards on 29 August, in which Eminem and Snoop Dogg performed their new single in a Metaverse created by Yuga Labs.

MTV’s Video Music Awards themselves have even introduced a new category of awards: “Best Metaverse Performance”.

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The collaboration between three big names in gaming, Epic Games, SONY and LEGO, aims to create a new metaverse.

Epic Games, SONY and LEGO are creating a metaverse

On Monday, it was reported that SONY had taken a substantial $1 billion step in the direction of the metaverse, an investment in the development and subsequent enhancement of Epic Games‘ revolutionary “Unreal Engine 5” development engine.

SONY is not the only investor. Another billion comes from Kiribi, the company that owns LEGO, among other things. The brick company will play a fundamental role in the operation, because there is obviously a common project.

The creation of a metaverse through the know-how of Sony in video games and the age-old ability of the company of Danish origin to create parallel worlds and entertain (as well as stimulate ingenuity) children from all over the world. 

Unreal Engine 5 is already a successful engine used for must-haves like Fortnite or the latest chapter of the critically acclaimed Kingdom Hearts IV, which holds the record for gaming expansion to date. 

The new development team is working on the creation of a metaverse for children in which it will be possible to interact, play any game, buy or sell courses, expansions, games themselves or gadgets, all via crypto or virtual credit cards. 

Mastercard enters the metaverse

Mastercard is entering the metaverse with the aim of creating a transversal tool that can be used in any virtual world. 

To this end, the US company has filed trademarks and patents for this possibility with the US Patent and Trademark Office. 

A total of 15 applications have been filed, covering both the payment method and the name and logo of the two intersecting circles. 

The functions that the project will develop include plans to process virtual cards, deploy entertainment and educational services in the metaverse, and create a marketplace for authenticated digital goods. 

Tim Sweeney’s plan

About the plan, Epic Games (valued at $31.5 billion) CEO Tim Sweeney said there is a need to:

“Build a digital kingdom by creating spaces where players can have fun with friends, brands can build creative and engaging experiences, and creators can build communities”.

This represents a milestone towards this new metaverse designed specifically for young children. 

Among the project’s priorities is to put the well-being of children first, protect their privacy and give parents and children the opportunity to form their own virtual experience in a safe and complete way. 

The CEO continues: 

“Lego has captured the attention of children and adults through creative play for nearly a century, and we are thrilled to collaborate in building a space in the metaverse that can be fun, entertaining and designed for children and families”.

Joining the race for the metaverse are, with different projects, the more mainstream Meta and Microsoft with its collaboration with Activision. 

Nintendo, which remains a purist in video games due to its corporate policy, is not participating. 

Metaverse is also about solidarity. It has just been announced that the latest chapter of Fortnite will donate its profits to help the Ukrainian population, victims of the last great conflict of the millennium. 

Among the charities that have contributed are Direct Relief, United Nation Children’s fund Today and the World Food Program. 

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