On February 17, 2023, Tokyo-based Sony Network Communications announced that it will co-host a Web3 incubation program with multi-chain smart contract platform Astar Network. The program has begun accepting applications, and Sony and Astar will jointly advise non-fungible token (NFT) and decentralized autonomous organization (DAO) “utility-focused” Web3 projects.
Sony and Astar will co-host the Web3 incubation program
Sony network communications, a subsidiary of Japanese tech giant Sony Group, announced Friday that the company is exploring ways to address industry issues using blockchain and Web3 technology. A Web3 incubation program is planned for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to bolster relevant Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe.
The announcement sent to Bitcoin.com News states that Sony and the Astar Foundation will select “10 to 15 cohorts” of the apps. The program is open to anyone from around the world and the sessions will be hosted by venture capital firms such as Alchemy Ventures, Fenbushi Capital and Dragonfly. In mid-June, Sony announced that an offline demo day will be held at the Sony Group headquarters 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, which has been involved in the NFT sector and other Web3 initiatives within the Group,” Sota Watanabe, CEO of Startale Labs and Astar Network, he said in a statement. “We look forward to sharing the knowledge and resources of both companies to bring value to selected program participants and create new use cases and projects.”
Sony has been exploring the metaverse, NFTs, and cryptocurrencies for some time. In May 2021, the company filed a patent that could allow it to incorporate a bitcoin-based gambling system into its consumer electronics, such as the Playstation gaming system. In November 2022, Sony filed a patent to use non-expendable token technology for in-game assets, and that same month acquired 3D animation company Beyond Sports.
What do you think of Sony’s latest move into the Web3 space and its focus on NFTs and DAOs? Share your thoughts in the comments below.
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