Tokyo-based Sony Network Communications has announced a Web3 incubation program with Astar Network to mentor Web3 projects that are focused on the utility of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). The program is planned for mid-March to mid-June with Singapore-based Startale Labs to bolster relevant Web3 solutions.
The joint program has started accepting applications, and Sony and Astar will select “10 to 15 cohorts” from around the world. The sessions will be hosted by venture capital companies such as Alchemy Ventures, Fenbushi Capital, and Dragonfly.
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.
The Web3 incubation program is expected to provide value to the selected participants, and create new use cases and projects. According to Sota Watanabe, CEO of Startale Labs and Astar Network, “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 program is open to anyone from around the world, and the offline demo day will be held at Sony Group’s headquarters in Tokyo during Japan Blockchain Week in mid-June. Sony’s announcement states that it is exploring ways to address industry issues using blockchain and Web3 technology, and the Web3 incubation program is one of the ways it aims to achieve that.
In recent years, NFTs have become increasingly popular, with sales hitting an all-time high in 2021. As the technology advances, it is expected to have more use cases beyond digital art and collectibles. DAOs, on the other hand, are a relatively new concept that allows groups of individuals to govern and make decisions without a centralized authority. The Web3 incubation program could provide a platform for innovators to explore and develop these new technologies.
Overall, the Web3 incubation program is a positive step for the Web3 and blockchain industry, and it will be interesting to see the new use cases and projects that emerge from the program. With Sony’s expertise and Astar Network’s technology, the selected participants could have a significant impact on the industry.