Sony to support Web3 and NFT startups, Japan potentially shifting towards Metaverse

Japanese company Sony plans to invest in Web3, NFT, and metaverse companies through an incubator program. According to Japan’s Bit Times, Sony has partnered with Astar, a Japanese smart contract platform and blockchain developer, for this initiative. Startale Labs, a Web3 firm that frequently collaborates with Astar, is also participating in the project. Sony Network Communications, a Sony subsidiary that specializes in IT solutions and software development, is involved in the project. The program was first announced in February of this year, and the operators invited companies from around the world to apply for financial and technical support through the incubator. The operators also stated that they were willing to invest in Web3 firms at all stages of development. Initially, 200 companies were selected for consideration on a long-list, but the field has now been narrowed down to 19 projects. These projects will hold a “demo day” in mid-June, during which potential investors will be able to question representatives from candidate companies.

Sony Ready to Take Web3, NFT & Metaverse Plunge – Other Japanese Player to Follow Suit?

The event will take place both in the real world (likely in Tokyo) and in the metaverse. One of the candidate firms, the metaverse platform Cosmize, will host the metaverse event. Cosmize will use a space built on the Astar blockchain. Snickerdoodle Labs, another candidate firm, will issue NFT tickets for the event. Sony has invited “large firms” interested in metaverse, NFT, and Web3 investment to attend the event. The event will also feature sessions from global venture capital firms and Web3 companies. It will also provide mentoring on business and technology strategies. Sony said that it will match businesses with the resources of Sony Network Communications. In 2020, Sony announced that it was testing a range of blockchain-powered solutions for fans of some of its pop groups. Last year, Japanese Prime Minister Fumio Kishida identified Web3-related businesses, as well as the metaverse and NFTs, as growth engines for the national economy.

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