Japanese conglomerate Sony is making a strategic move into the world of Web3, NFTs, and metaverse by investing in various firms through an incubator program. Partnering with Astar, a Japanese smart contract platform and blockchain developer, Sony aims to support and nurture startups in this space.
Startale Labs, a frequent collaborator of Astar, is also participating in the initiative.The program is being led by Sony Network Communications, a wholly owned subsidiary specializing in IT solutions and software development. The collaboration was announced earlier this year, with Sony and its partners inviting firms from around the world to apply for financial and technical support through the incubator. Sony is willing to invest in Web3 firms at all stages of development.
Initially, 200 firms were considered, but the selection process has now narrowed down to 19 projects. These projects will participate in a “demo day” scheduled for mid-June. Potential investors will have the opportunity to engage with representatives from the candidate firms and learn more about their innovative offerings.
The demo day will take place both in the physical world, likely in Tokyo, and in the metaverse. Cosmize, a metaverse platform, 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, NFTs, and Web3 investment to attend the event. The agenda includes sessions led by global venture capital firms and Web3 companies, along with mentoring on business and technology strategies. Sony also promises to connect businesses with the resources of Sony Network Communications.
This move aligns with Sony’s earlier exploration of blockchain-powered solutions for its pop groups’ fan base. In 2020, the company expressed its interest in the potential of blockchain technology. Additionally, Japanese Prime Minister Fumio Kishida identified Web3-related business, the metaverse, and NFTs as key drivers of economic growth in the country.
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