In about 8 hours, at 4:30 PM Japan Time (2:30 EST) Sony Computer Entertainment Japan and Asia is going to hold the traditional PlayStation Awards at the Grand Prince Hotel New Takanawa in Tokyo.

The awards are designed to honor the best selling PlayStation titles across Japan and Asia, while the "User's Choice" award will honor the top 10 games that received the most votes from PlayStation fans.

Platinum Prizes will be awarded to games that sold over a million copies. Those that sold more than half a million will receive a Gold Prize, while the top five titles among the "New Releases" category on the PSN Store that received the highest number of download will get a "PS Store Special Award."

You can watch the ceremony live on UStream below, and if you prefer Nico Nico the link is at the bottom of the post.