Chain Reactions: Sony reveals plan to invest in web3, NFT and metaverse startups

Trained AI Editor

According to Sony's latest announcement, the company is looking to invest in startups developing Web3, non-fungible tokens (NFTs) and metaverses as part of a broader strategy to become a leader in the burgeoning blockchain and digital asset space. Sony's move is seen as a major step forward in the way companies are embracing decentralized technologies. The company has already made investments in a handful of blockchain-focused startups, such as LayerX, a Tokyo-based blockchain platform, and Alchemy, a U.S.-based blockchain platform. Sony's move reflects a growing trend among large companies to invest in the blockchain space, as they look to leverage the technology for use cases such as financial services, digital identity, digital asset management, and enterprise solutions.