NFT News: Sony Announces Plans to Back Web3, NFT Startups

NFT News: Japanese multinational conglomerate Sony is making a significant move by investing in Web3, NFT (Non-Fungible Token), and metaverse companies through its newly launched incubator program. The initiative is a collaboration between Sony and Astar, a Japanese smart contract platform and blockchain developer. Startale Labs, a Web3 firm that frequently collaborates with Astar, is also participating in the project. Sony Network Communications, a wholly owned subsidiary of Sony specializing in IT solutions and software development, is spearheading the program.

The program was announced in February of this year, with the intention of providing financial and technological support to firms around the world. Sony and its partners expressed their willingness to invest in Web3 companies at various stages of development. Initially, around 200 firms were selected for consideration, but the field has now been narrowed down to 19 projects.

In mid-June, these 19 projects will participate in a “demo day” event. The event will take place both in the real world, likely in Tokyo, and in the metaverse. Cosmize, a candidate firm in the incubator program, will host the metaverse event using a space built on the Astar blockchain. Snickerdoodle Labs, another candidate firm, will issue NFT tickets for the event.

Sony has extended invitations to “large firms” interested in metaverse, NFT, and Web3 investments to attend the event. The event will feature sessions from global venture capital firms and Web3 companies, providing valuable mentoring on business and technology strategies. Furthermore, Sony aims to match businesses with the resources of Sony Network Communications, enhancing their growth potential.

This move by Sony is not its first foray into blockchain technology. In 2020, the company announced its testing of blockchain-powered solutions for fans of its pop groups. Additionally, Japanese Prime Minister Fumio Kishida has identified Web3-related businesses, metaverse development, and NFTs as growth engines for the national economy.

As Sony takes a bold step into the realm of Web3, NFTs, and the metaverse, the incubator program demonstrates its commitment to exploring and investing in emerging technologies. This move aligns with the global trend of major companies recognizing the potential of Web3 and the metaverse as transformative forces in various industries.

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