On February 17, 2023, Tokyo-based Sony Network Communications announced that it is running a Web3 incubation program with multi-network smart contract platform Astar Network. The program has begun accepting applications, and Sony and Astar will jointly oversee Web3 projects “utility-focused” non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
Sony and Astar co-host Web3 incubation program
Sony Network Communications, a subsidiary of Japanese tech giant Sony Group, announced on Friday that the company is exploring ways to solve industry problems using blockchain technology and Web3. The Web3 Incubation Program is scheduled to run from mid-March to mid-June. Astar Network and Singapore’s Startale Labs to support their respective Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe.
An announcement posted to Bitcoin.com News says that Sony and the Astar Foundation will select “10 to 15 cohorts” of applications. The program is open to everyone from all over the world and sessions will be hosted by venture capital companies such as Alchemy Ventures, Fenbushi Capital and Dragonfly. In mid-June, Sony announced that an offline demo day would be held at the Sony Group Headquarters in Tokyo during Japan Blockchain Week.
“We are excited to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group companies that has been involved in the NFT sector and other Web3 initiatives within the group,” Sota Watanabe, CEO of Startale Labs and Astar Network, said in a statement. “We look forward to sharing the knowledge and resources of both companies to benefit the participants selected for the program and create new use cases and projects.”
Sony has been exploring the metaverse, NFTs, and cryptocurrencies for some time now. In May 2021, the company filed a patent that would allow it to implement a bitcoin-based staking system into its consumer electronics such as its Playstation gaming system. In November 2022, Sony filed a patent for the use of non-fungible token technology for gaming assets and acquired 3D animation company Beyond Sports the same month.
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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