Sony and Astar Network Launch Web3 Incubation Program for NFT and DAO-Focused Projects

On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

Sony Network Communications, a subsidiary of Japanese technology giant Sony Group, announced Friday that the company is exploring ways to address industry issues using blockchain and Web3 technology. 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 announcement sent to Bitcoin.com News states 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.

“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 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. 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.

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.