Sony Network Communications and Astar Network will combine their resources and expertise to jointly nurture Web3 projects focused on the utility of NFTs and DAOs.
The Web3 incubation program by Sony and Astar networks will begin accepting applications on February 17 and run from mid-March to mid-June.
The astronomical growth of the Web3 industry has attracted traditional internet companies to remain relevant in the market. The need to incorporate internet users into the financial gains of Web2 platforms has brought forth a new industry backed by blockchain technology. However, navigating through global markets has been a challenging task for most new Web3 startups. Thereby requiring the expertise of traditional internet companies.
Furthermore, mainstream adoption of blockchain technology is expected to take place through traditional Web2 companies that upgrade and invest in the nascent industry. Notably, most recent Web3 projects have grown through incubation by veteran crypto projects with deep liquidity and well-informed global regulatory frameworks.
Sony and Astar Network taps into Web3 industry
According to a press release shared with CNF, Sony Network Communications, inc., an operating company of the Sony Group, has announced plans to co-host a Web3 Incubation Program with Astar Network, the smart contract platform for multi-chain capabilities. Reportedly, Sony Network Communications and Astar Network will combine their resources and expertise to jointly nurture Web3 projects focused on the utility of NFTs and DAOs.
Notably, the Web3 incubation program by Sony and Astar networks will begin accepting applications on February 17 and run from mid-March to mid-June. Meanwhile, the two companies will review and decide on the best 10 to 15 Web3 projects to incubate during the said period.
Sota Watanabe, 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.
Meanwhile, Sony and Astar will collaborate with Startale Labs, a Singapore-based company founded by Astar Network CEO Sota Watanabe, to organize the incubation program. Notably, Startale will provide business strategy and tech support to participating projects by leveraging Astar’s development, past consulting, and R&D business expertise.
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The Sony company intends to tap into blockchain technology to solve some of its scalability issues, particularly in the gaming industry. Notably, Sony runs one of the largest gaming consoles that support various online multiplayer platforms.
After the incubation period runs successfully, Sony has promised to support projects with exponential growth prospects with financial and technical aid. As a result, Sony can compete with rival companies by adopting cutting-edge technology at scale.
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