Sony, the Japanese electronics giant, is making a significant leap into the Web3 space with the introduction of its new public Ethereum layer 2 blockchain and ecosystem, dubbed “Sonieum.”
The project, spearheaded by Sony Block Solutions Labs, the company’s Web3 division, is designed to bridge the gap between blockchain technology (Web3) and conventional internet services (Web2).
⚡️Just In: Japanese electronic manufacturing giant Sony is delving into the Web3 space via a new public #Ethereum layer 2 blockchain and ecosystem dubbed “@soneium.”
The project is being built by Sony’s web3 arm, Sony Block Solutions Labs, and it aims to connect “blockchain… pic.twitter.com/cEKx0A2wZx
— Cointelegraph (@Cointelegraph) August 23, 2024
According to Sony’s announcement, a Sonieum testnet will be launched in the coming days, offering developers and projects an opportunity to begin building on the platform. The primary focus of applications on the Sonieum network will likely center around entertainment, gaming, and finance, signaling Sony’s intention to leverage its expertise in these sectors.
In its initial phase, Sonieum has secured partnerships with notable industry players including Astar Network, Alchemy, Chainlink, Circle, Optimism, and The Graph. These collaborations underscore the project’s ambition to establish a robust and interconnected blockchain ecosystem.
Meanwhile, Ethereum, the underlying blockchain for Sonieum, is showing promising signs of growth. Technical analysis suggests Ethereum is on the verge of breaking out of a 4-hour symmetrical triangle pattern, with a potential target of $2,800.
#Ethereum is breaking out of this 4H Symmetrical Triangle!
The potential target is $2,800 🎯 pic.twitter.com/JAJatKJqsa
— The Moon (@TheMoonCarl) August 23, 2024
Ethereum Spot ETFs Records Total Net Outflow Of $874,600
However, recent data shows Ethereum spot ETFs have experienced a total net outflow of $874,600 as of August 22, marking six consecutive days of outflows.
Ethereum spot ETF had a total net outflow of $874,600 on August 22, and continued to have net outflows for 6 days. Grayscale ETF ETHE had an outflow of $19.8427 million, Grayscale mini ETF ETH had an inflow of $3.6837 million, and Fidelity ETF FETH had an inflow of $14.3303…
— Wu Blockchain (@WuBlockchain) August 23, 2024
Notably, Grayscale’s Ethereum ETF (ETHE) saw a significant outflow of $19.84 million, while Grayscale’s mini Ethereum ETF recorded an inflow of $3.68 million. Fidelity’s Ethereum ETF (FETH) also saw an inflow of $14.33 million. Despite the recent outflows, the total net asset value of Ethereum spot ETFs stands at $7.265 billion, with BlackRock’s spot Ethereum ETF recently hitting $1 billion in net inflows.
BlackRock spot Ethereum ETF hits $1B net inflows pic.twitter.com/HBurkbOygz
— Altcoin Daily (@AltcoinDailyio) August 21, 2024
As Sony steps into the Web3 arena with Sonieum, the convergence of entertainment, gaming, and finance on a blockchain platform could mark a new chapter in the digital landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.