Sony Partners and Astar to Invest in Web3, NFT, and Metaverse Firms

Sony, the multinational conglomerate, is making a foray into the Web3, NFT, and metaverse space through an incubator program. The company has teamed up with Astar, a Japanese smart contract platform and blockchain developer, to support innovative projects in these emerging technologies.

The Incubator Program

The initiative, led by Sony Network Communications, a subsidiary specializing in IT solutions and software development, aims to provide financial and technical support to selected firms at various stages of development. The program was announced in February this year, inviting companies worldwide to apply for the incubator.

After a rigorous selection process, 19 projects have been shortlisted for the program. These projects will participate in a “demo day” scheduled for mid-June, where potential investors and industry experts will have the opportunity to interact with the candidates. The event will take place both in the physical world and the metaverse, showcasing the convergence of virtual and real-world experiences.

Among the participants, Snickerdoodle Labs will issue NFT tickets for the event, adding a unique digital dimension to the occasion. Additionally, Cosmize, another candidate, will host the metaverse event on the Astar blockchain, demonstrating the potential of blockchain technology in creating immersive virtual environments.

Interest from Large Firms

The event has garnered the interest of large firms with an appetite for metaverse, NFT, and Web3 investments. It serves as a platform for networking, knowledge sharing, and potential collaborations between established players and promising startups. Sessions from global venture capital firms and Web3 companies will offer valuable insights, while mentoring programs will guide participants on business and technology strategies.

Sony’s move into the Web3 space aligns with the growing recognition of its potential economic impact. Prime Minister Fumio Kishida has identified Web3-related businesses, along with the metaverse and NFTs, as key drivers for Japan’s economic growth. By investing in these transformative technologies, Sony aims to position itself at the forefront of the digital revolution and capitalize on the opportunities they present.

As the “demo day” approaches, the selected projects are poised to showcase their innovations and attract potential investors who share Sony’s vision of the future. The collaboration between Sony, and Astar reflects the increasing interest and investment in the Web3, NFT, and metaverse sectors, signalling a promising future for these emerging technologies.