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Sony Partners with Blockchain Firm Astar for Web3 Incubation Program

Sony Network Communications, a subsidiary of Japanese conglomerate the Sony Group, has just teamed up with blockchain innovation hub Astar Network to launch a Web3 Incubation Program. The partnership will focus on decentralised finance (DeFi), Web3 infrastructure, GameFi and the metaverse.

On February 17, Astar took to Twitter to announce the brand new partnership with Sony which will be organized by Singapore-based Startale Labs, a company founded by Astar CEO Sota Watanabe. The program will run from mid-March to mid-June this year aim to convert promising ideas into minimum viable products regardless of their Web3 startup phase. The incubation program will include sessions from global VC firms and several Web3 companies such as Web3 Foundation and Alchemy, including a number of business and technology strategy sessions.

Sony Provides Web3 Opportunities

According to the official blogpost, the three month long incubation program will begin accepting applications from today and on acceptance into the program, successful candidates will get additional support from Startale in the form of business strategy and tech support, leveraging Astar’s development, past consulting and R&D business expertise. Meanwhile, the promising companies will also be considered for investment from Sony Network Communications. Watanabe, explained,

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“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 move could boost adoption in the popularity of Web3 creating a platform for complete ownership and earning possibilities. It will enable early-stage firms that are still establishing their Web3 business strategy to further scale and improve their business model and scale the company.

Sony’s Tryst with Web3

This is not the first time Sony has dipped its toes in the Web3 waters. Last year, the japanese technology conglomerate published a patent suggesting the company is exploring ways to incorporate in-game assets using the blockchain and NFTs.

Earlier this year, English Premier League champions Manchester City and Sony joined hands to create a Metaverse for fans of the football club. In an interview the tech giant specified the “Proof of Concept” will allow fans to interact with the virtual Etihad Stadium and also participate in various online activities. Previously, Epic Games had announcedΒ aΒ $2 billion funding supported by Sony Group Corporation and the LEGO Group to in an effort to build its metaverse.