Sony Teams Up with Astar Network for Web3 Incubation Program

Sony Teams Up with Astar Network for Web3 Incubation Program

Sony Network Communications announced the co-hosting of a Web3 incubation program with the multi-chain smart contract platform Astar Network on February 17, 2023. Sony and Astar will co-host Web3 projects "focused on the utility" of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). The program has started inviting applications for the program.

Web3 Incubation Program to Boost Web3 Solutions

Sony Network Communications, a subsidiary of Japanese technology giant Sony Group, announced on Friday that the company is exploring ways to address industry issues using blockchain and Web3 technology. The Web3 incubation program is scheduled for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to boost Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe.

Sony and the Astar Foundation will select "10 to 15 cohorts" from the applications. The program is open all across the globe, and sessions will be hosted by venture capital companies Alchemy Ventures, Fenbushi Capital, and Dragonfly. Sony announced in mid-June that an offline demo day will be held at the headquarters of Sony Group in Tokyo during Japan Blockchain Week.

"We are pleased to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group companies, associated with the NFT, and other Web3 initiatives within the Group," Sota Watanabe, CEO of Startale Labs and Astar Network, said in a statement. "We hope to share the knowledge and resources of both companies to provide value to the participants selected for the program and create new use cases and projects."

Sony Continues Exploring New Technology

Sony has been exploring expanding the metaverse, NFTs, and crypto for some time. In May 2021, the company unveiled a patent to incorporate a bitcoin-based betting system into its consumer electronics, the PlayStation gaming system. In November 2022, Sony filed a patent for using non-fungible token technology for in-game assets, and in the same month, it acquired the 3D animation company Beyond Sports.

What is your take on Sony’s latest move of co-hosting the Web3 incubation program? Please post your comments.