Sony Co-hosts Web3 Incubation Program With Astar Network For NFT Projects
Sony Network Communications has announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network for nonfungible token (NFT) projects.
It has been reported that the program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of NFTs and decentralized autonomous organizations (DAOs).
However, 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 report said that Sony and the Astar Foundation will select “10 to 15 cohorts” from the applications. The program is open to anyone from around 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 will be held at Sony Group’s headquarters in Tokyo during Japan Blockchain Week.
Sota Watanabe, the CEO of Startale Labs and Astar Network, said:
“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.”
The report said that Sony has been exploring the metaverse, NFTs, and crypto for some time. 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.
Thus, in November 2022, Sony filed a patent for using non-fungible token technology for in-game assets, and that same month, it acquired the 3D animation company Beyond Sports.