Sony and Astar Network Launch Web3 Incubation Program for NFT and DAO – On Friday, Sony Network Communications, a subsidiary of the technology giant Sony Group, disclosed that it is investigating potential applications of blockchain and Web3 technology to tackle industry concerns. In order to strengthen the development of applicable Web3 solutions, a Web3 incubation program is scheduled for the period between mid-March and mid-June in partnership with Astar Network and Startale Labs, a Singapore-based company established by Astar Network CEO Sota Watanabe.
According to the announcement submitted to news outlet, Sony and the Astar Foundation will be choosing “10 to 15 cohorts” from the applicants for their program, which is available to individuals worldwide. The sessions will be conducted by venture capital firms such as Alchemy Ventures, Fenbushi Capital, and Dragonfly. In mid-June, Sony revealed plans for an offline demo day to take place at Sony Group’s Tokyo headquarters during Japan Blockchain Week.
“We are pleased to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group’s 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, 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 has been delving into the world of metaverse, cryptocurrency, and NFTs for a while now. In May 2021, the company revealed a patent that could potentially facilitate a betting system based on bitcoin to be integrated into its consumer electronics, including the Playstation gaming system. Later in November 2022, Sony submitted a patent for utilizing non-fungible token technology for in-game assets. Around the same time, the company purchased the 3D animation enterprise Beyond Sports.