Sony Invests in Japanese Web3 Startup

Sony has announced that it has made an investment in Sorare, a Japanese web3 startup. Sorare operates a blockchain-based fantasy soccer game that allows users to collect, trade, and manage virtual player cards.

The investment is part of Sony’s efforts to expand its presence in the blockchain and NFT (non-fungible token) space. NFTs are unique digital assets that are stored on a blockchain and can represent anything from artwork to sports memorabilia.

Sorare has already gained a significant following, with more than 90,000 registered users and partnerships with major soccer leagues such as La Liga and MLS. The startup has also raised over $50 million in funding from investors such as Benchmark, Accel, and Reddit co-founder Alexis Ohanian.

Sony’s investment in Sorare is a significant move for the company, as it indicates its interest in the web3 space and its potential for growth. The investment amount has not been disclosed.

What is Sorare?

Sorare is a blockchain-based fantasy soccer game that allows users to collect, trade, and manage virtual player cards. Each card is a unique NFT that is stored on the Ethereum blockchain, giving it a secure and transparent ownership history.

Users can use their cards to compete in weekly tournaments and leagues, with prizes ranging from rare player cards to cryptocurrency. Sorare has partnerships with major soccer leagues such as La Liga, MLS, and the South Korean K League, allowing users to collect cards for their favorite players and teams.

Sony’s Interest in Web3 and NFTs

Sony’s investment in Sorare is part of its efforts to expand its presence in the blockchain and NFT space. In a recent press release, Sony stated that it believes blockchain technology has the potential to revolutionize the way businesses operate and interact with customers.

NFTs are also an area of interest for Sony, as they represent a new way to monetize digital content. In the same press release, Sony stated that it is exploring ways to use NFTs to create new forms of entertainment and experiences for its users.

The Future of Web3 and NFTs

The web3 space and NFTs are rapidly growing areas of interest for businesses and investors. As more companies like Sony enter the space, it’s likely we’ll see an increase in innovation and adoption of blockchain technology and NFTs.

Sorare’s success is just one example of how blockchain-based games and NFTs can capture users’ attention and provide a new way to engage with sports and entertainment.

Related:US Lawmaker Calls for Info from Treasury and SEC on Crypto Market Structure Bill

Conclusion

Sony’s investment in Sorare is a significant move for the company, as it indicates its interest in the web3 space and its potential for growth. Sorare has already gained a significant following, and Sony’s investment is a testament to the startup’s success.

As more companies like Sony enter the web3 and NFT space, we can expect to see more innovation and adoption of blockchain technology. Sorare’s success is just one example of how blockchain-based games and NFTs can revolutionize the way we engage with sports and entertainment.

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