Good News for Cryptocurrency Industry, Sony Also Aims to Enter and Benefit from Metaverse

Sony, which is known to be one of the largest giants in the electronics field has made a huge announcement for the cryptocurrency industry. Although the announcement is pertaining to the company’s exposure in the crypto-verse, it will definitely work as an energetic charm for the cryptocurrency community.

How is Sony Interacting with the Crypto Sector?

Sony officials have announced that they are planning to take a step into the metaverse. It is to be noted that the term ‘metaverse’ has been around for a while. However, it is the cryptocurrency sector that has given it its true existence.

It is the cryptocurrency sector where the metaverse space has gained a tremendous amount of adoption due to cryptocurrencies and NFTs.

The company has announced that exploring the metaverse sector has become part of its business and entertainment strategy. In the past, Sony has made several investments in game developing companies. These companies include Bungie, Fortnite, and Epic.

Initially, when Sony made these investments through its gaming console brand, PlayStation, it hadn’t provided the purpose behind it. Sony has now confirmed that these investments were made for the very purpose of pushing into the metaverse.

Sony is Very Serious about Metaverse

Over time, entertainment and gaming brands are gaining momentum in terms of metaverse adoption. This is being done by almost every major platform to bring more users onboard, using the metaverse technology.

Kenichiro Yoshida, the Sony Chief Executive talked about the future of metaverse and its use cases during an annual strategy meeting. He stated that the metaverse has become the ecosystem where anime, movies, music, and games are intersecting.

Sony has been generating 50% of its total revenue through the entertainment segments, which includes services related to music, movies, and gaming.

PlayStation Wants to be Leader of the Metaverse

Yoshida also added that their purpose of joining the metaverse sector is not just to become part of it and act as a single entity there. Instead, they wanted to be counted among the leading brands in the metaverse. In the upcoming years, they want to become the top brand that rules the metaverse sector.

The user base Sony PlayStation currently has is one of the largest in the entire world. Sony aims to take full advantage of its user base and move them to the metaverse.

Great Push to the Metaverse

Sony PlayStation community currently accounts for over 100 million active users. Just imagine how much the metaverse sector would benefit once they join the space. Sony PlayStation wants to fast-track the adoption of the metaverse and wants to integrate the experience in its recently launched PlayStation 5 (PS5).

The current market capitalization of the entire metaverse sector is around $14.52 (0.07% up) billion. It currently hosts an average daily trading volume of $2.60 billion (22.78% down). If Sony proceeds with the adoption of the metaverse sector, it will definitely help boost the space at a significant rate.