Sony, Astar Network Partner to Launch Web3 Incubation Initiative: Details

In a bid to expand the potential use cases of NFT and decentralised autonomous organisations (DAOs), Sony Network Communications has teamed up with smart contract platform, the Astar Network. The online initiative is scheduled to run for three months, between March and June. Industry experts and developers from crypto-related firms including Dragonfly, Alchemy Venture, and Fenbushi Capital will collectively impart information and training around Web3. People interested in participating in this initiative must sign up between February 17 and March 6.

For Sony, this initiative is aimed at exploring how blockchain could solve issues persistent in the gaming, entertainment, music, and imaging industries, a Coindesk report said on Friday, February 17.

“You will be able to make direct connections, receive feedback, and attend valuable sessions for no-cost with top-level Web3 innovators. You will also receive technical and financial support. Good products may also be considered for investment from Sony,” Astar Network said in a blog post.

Sony and Astar will review all the applications and handpick the ones that will move to the incubation stage. In June, as the initiative nears its completion, the Toyko-based headquarters of the Sony Group Corporation will host a demo day for incubated projects.

The initiative comes in the backdrop of Sony drumming up its experiments with the NFT sector to engage with the new-age consumers. The media and technology conglomerate may be looking to integrate NFTs with artists and songs that are part of its label.

In 2021, Sony had teamed with AMC Theatres to offer NFTs themed on Spider-Man to movie audiences.

Last year in April, Sony Network Communications also established a unit in Singapore to engage in NFT-related development, which includes outsourcing and consulting businesses.

Industry experts have predicted that in the coming time, more brands will hop onboard the NFT wagon to give a Web3 twist to their promotional and advertising activities.