Sony, the Japanese business giant, has announced its plans to invest in Web3, NFT, and metaverse companies through an incubator program. Collaborating with Astar, a Japanese smart contract platform and blockchain developer, Sony aims to support these innovative firms. Startale Labs, a frequent collaborator of Astar, is also participating in the initiative.
The program, launched in February, is being carried out by Sony Network Communications, a wholly owned subsidiary of Sony specializing in IT solutions and software development. The program initially received applications from companies around the world, offering financial and technical support at all stages of development in the Web3 space.
After an extensive selection process, 19 projects have been shortlisted and will showcase their work at a demo day in mid-June. Potential investors will have the opportunity to interact with representatives from these candidate firms. The demo day will be held in both the physical world, likely in Tokyo, and the metaverse.
Cosmize, one of the candidate firms, will host the metaverse event using a space built on the Astar blockchain. Additionally, Snickerdoodle Labs will issue NFT tickets for the event, adding an element of digital collectibles to the occasion.
Sony has extended invitations to large firms with an interest in metaverse, NFT, and Web3 investments to attend the event. The event will also feature sessions from global venture capital firms and Web3 companies, providing valuable mentoring on business and technology strategies. Moreover, Sony has expressed its commitment to connecting businesses with the resources available through Sony Network Communications.
This move by Sony showcases its recognition of the growing potential and significance of Web3, NFT, and the metaverse. By investing in these areas and supporting innovative startups, Sony aims to be at the forefront of the evolving digital landscape.