Sony, Astar Network confirm blockchain ambitions with launch of Web3 incubation program

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Tech giant Sony (NASDAQ: SNEJF) has announced that it will launch a Web3 incubation program with Astar Network for fledgling firms in the industry to “provide large-scale and comprehensive support.”

The incubation program will be operated by Singapore-based Startale Labs and will run for three months, from March to June 2023. Astar Network’s website details that the joint program is open to firms worldwide without geographical limitations.

Applications for a spot in the program are expected to run for a month, with the key requirement for firms to build around blockchain technology. Web3 startups in both the early or late stages of their growth are encouraged to apply with the incubation program offering a slew of benefits for the selected firms.

Sony and Astar Network confirm that they will be keen on selecting anywhere between 10-15 firms for the initiative, with March 6 being the last day for application.

“During the incubation program, we will provide sessions with global VCs and Web companies, mentoring on business and technology strategies, and matching with resources from the Sony group,” read a post on Astar Network’s website.

Successful applicants will receive direct connections with leading Web3 firms like Alchemy (NASDAQ: ALMY) and Polkadot (NASDAQ: PDOTN-USD) while accessing technical and financial support from both Sony and Astar. By the end of the three-month incubation period, promising projects will collaborate on a Proof of Concept (PoC) with Sony.

A demo day will be held at Sony Group Corporation Headquarters in Tokyo, with roughly 200 individuals from the selected startups in attendance.

Sony’s inexorable march into Web3

Sony’s recent moves indicate that the tech firm is leaning toward blockchain and Web3. In November 2022, Sony’s Playstation filed a patent for blockchain-based in-game assets, suggesting that gaming might be one of the major drivers of the firm’s push into Web3.

Other departments are also switching to Web3, with Sony Music supporting the release of non-fungible tokens (NFTs) linked with U.S. music legend Bob Dylan. Sony Pictures, the film arm of the tech conglomerate, is also inching forward with a planned launch for NFTs for Batman.

Sony entered a collaboration with Theta Labs for the launch of 3D NFTs that will be compatible with the Sony Spatial Reality Display (SRD) amid probes into a potential expansion into the metaverse and virtual worlds.

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