Asian Tech Press (Apr. 13) -- Sony's communications unit established an NFT joint venture in Singapore, its latest step into the metaverse industry.

Sony Network Communications Inc., a wholly owned subsidiary of Sony, announced Monday a partnership with software development company Sun* Inc. (Sun Asterisk) to establish an NFT operating company in the city-state, dubbed SonNetwork Communications Singapore Pte.

The two Japanese companies have invested S$1.2 million ($879,830) in the new entity, of which Sony Network Communications has a 70% share.

The new entity aims to maximize value for customers, creators and terminal users by utilizing non-fungible token (NFT) technology in the world of Web3.0.

According the new company's website, its businesses include "Support in formulating strategies for NFT businesses", "Support for issuing NFTs", "Support for issuing own tokens", "Support for developing NFT games" and "Support for promoting NFT".

(US$1 = S$1.3639)