Sony Network Communications and Astar Network announce a Web3 incubation program focused on NFT and DAO projects

Sony Network Communications and Astar Network announce a Web3 incubation program focused on NFT and DAO projects

Sony Network Communications, a subsidiary of the Japanese technology giant Sony Group, has announced its plans to explore ways to address industry issues using blockchain and Web3 technology. In collaboration with Astar Network and Singapore-based Startale Labs, Sony will be co-hosting a Web3 incubation program from mid-March to mid-June to bolster relevant Web3 solutions.

The incubation program, which is open to applicants worldwide, aims to select 10 to 15 cohorts from the pool of applications. Participants will have the opportunity to attend sessions hosted by renowned venture capital companies such as Alchemy Ventures, Fenbushi Capital, and Dragonfly. The program will culminate in an offline demo day held at Sony Group's headquarters in Tokyo during Japan Blockchain Week in mid-June.

Sota Watanabe, CEO of Startale Labs and Astar Network, expressed his enthusiasm for the collaboration, stating, "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. 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's interest in the metaverse, NFTs, and crypto is not new. In May 2021, the company unveiled a patent that could enable it to incorporate a bitcoin-based betting system into its consumer electronics, such as the Playstation gaming system. Furthermore, in November 2022, Sony filed a patent for using non-fungible token technology for in-game assets and acquired the 3D animation company Beyond Sports.

The partnership between Sony and Astar Network demonstrates the growing interest of major corporations in the potential of blockchain and Web3 technologies. By providing support and resources to innovative projects, the incubation program aims to foster the development of groundbreaking solutions that could revolutionize various industries.

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