On February 17, 2023, Tokyo-based Sony Network Communications announced that it will be co-hosting an incubation program with multi-chain smart contracts platform Astar Network. The program is now accepting applications and will provide mentorship and support to utility-focused Web3 initiatives related to non-fungible tokens (NFT) and decentralized autonomous organizations (DAO).
Sony and Astar Co-hosting WeProgram for Web3 Incubation
Sony Network Communications, a subsidiary of the Japanese tech giant Sony Group, is looking for ways to address business challenges using blockchain and Web3 technology. In collaboration with Singapore-based Astar Network and Startale Labs, the two organizations are now offering a mid-term incubation program from mid-March to mid-June. This was revealed by Startale Labs and Astar Network CEO Sota Watanabe.
The announcement sent to Bitcoin.com News stated that Sony and the Astar Foundation will select “10 to 15 cohorts” from all the applications. The program is open to anyone from all around the world and will be hosted by venture capital companies such as Alchemy Ventures, Fenbushi Capital and Dragonfly. In mid-June, Sony suggested that an offline demo day could be held at the Sony Group Headquarters in Tokyo during Japan Blockchain Week.
“We are delighted to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group companies, which has been participating in the NFT sector and other Web3 initiatives within the Group,” said Sota Watanabe, CEO of Startale Labs and Astar Network, in a press release. “We look forward to combining the knowledge and resources of both organisations 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 would allow it to include a Bitcoin-based gaming system in its consumer electronics. Playstation gaming system. In November 2022, Sony filed a patent to use non-fungible token technology in-game for assets. The same month, the company acquired 3D animation firm Beyond Sports.
What do you think of Sony’s latest venture into the Web3 space with its focus on DAOs, NFTs, and TAOs? Share your thoughts in the comments below.
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