Sony Walkman, Discman, Cryptoman??
As you think about hitting those Labor Day sales this weekend for a new Sony TV, be sure to ask the Geek Squad what they think about Sony's latest offering - a blockchain! We've been keeping an eye on the global titan as they experimented with NFTs on their Playstation platform, but this was a pretty big announcement that could tie into their very large and very diverse ecosystem of products and services.
What most people don't realize is that beyond electronics, they own movie studios (Columbia Pictures), content networks (anime powerhouse Crunchyroll) and now physical theaters (Alamo Drafthouse). So with the right strategy and people at the wheel, this initiative could have some real legs. Speaking of legs, get that swimsuit on and enjoy the long weekend!
Sony has unveiled its Ethereum Layer 2 solution called... Soneium (ahem). The initiative aims to tackle crypto market inefficiencies and provide better infrastructure for creators by protecting their rights and optimizing profit-sharing mechanisms. Soneium will be launched under Sony Block Solutions Labs, a partnership with blockchain startup Startale.?
A move like this by another gargantuan global company adds more validity to the underlying strengths blockchain can provide not only to brands and consumers, but also entertainers in the red-hot creator market.
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As the 2024 U.S. elections heat up, the crypto industry is making its presence felt with a massive influx of donations, totaling around $119 million. Coinbase and Ripple dominate the giving, funnelling money into super PACs supporting pro-crypto candidates. This financial push comes amid ongoing legal battles with the SEC, and both major parties are receiving substantial funds, with Fairshake PAC leading the charge.?
The industry's financial clout has already influenced primary races, with crypto-backed candidates performing strongly. As the election nears, the battle for regulatory favor continues, with Trump and Democrats vying to align themselves with crypto interests.
OpenSea has been hit with a Wells notice from the SEC, signaling potential formal charges over the classification of NFTs as securities. The notice alleges that NFTs traded on OpenSea's platform might be subject to securities laws, a claim that CEO Devin Finzer finds shocking and potentially harmful to the broader creative community. Finzer has vowed to fight back and pledged $5 million to assist other NFT creators facing similar notices.?
This move is part of a broader crackdown by the SEC on the crypto sector, which includes high-profile cases against companies like Coinbase and Binance. As regulatory scrutiny intensifies, some crypto firms are considering relocating to escape the legal limbo.