Sony to Invest in Web3 Firms Through Incubator Program

Credit: The Street

The Japanese electronics giant Sony has partnered with blockchain developer Astar to launch a new incubator program to support and invest in Web3 startups.

First announced earlier this year, the program launched in collaboration with Startale Labs, a company that makes Web3 infrastructure and public goods and is a frequent collaborator with Astar. The incubator program will be spearheaded by Sony Network Communications, a subsidiary of Sony specializing in software development and IT solutions.

Initially, Sony invited 200 firms from around the globe to apply for the program. Today, 19 companies have been selected to move forward with the process. Sony said it will be investing in companies that are in all stages of development.

In June, a “demo day” is scheduled to take place in Tokyo and the metaverse to showcase the 19 innovative projects and to engage investors. The event is being hosted by the metaverse platform Cosmize, and NFT tickets will be issued by Snickerdoodle Labs — a candidate firm. Invitations have been sent out to a myriad of large firms interested in Web3, the metaverse, and NFTs.

The event will foster discussions between venture capital firms and Web3 companies. There will also be mentoring session on business and technology strategies, and Sony Network Communications’ resources and network will be available to support selected firms.

Both Sony and its home country Japan have been bullish on Web3 for some time now. In October, Prime Minister Fumio Kishida publicly announced the country was investing in Web3 technologies and views them as a key to grow the nation’s economy. Sony’s latest program continues to move Japan in the direction of being a global Web3 hub.

Sony Is Becoming a Major Player in Web3

The new incubator program from Sony could be a huge step forward for shaping and developing the future of immersive experiences and Web3 technology. But it’s not the only move we’ve seen from Sony this year in Web3. At Rarity Sniper, we’ve covered several articles about the Japanese electronics conglomerate investing time and resources in nascent technologies. Here are the top three headlines.

First, about two months ago, news broke that Sony Interactive Entertainment had published a patent exploring NFTs and blockchain technology in video games. The patent proposes a new model that would allow for the seamless trading of digital assets between gaming platforms.

Next, about six months ago, Sony released a movement-tracking wearable that lets users sync their movements with avatars. The wearable is being targeted at YouTubers and creators involved in animation production and movies. It is called “Mocopi” and costs $360.

Finally, ten months ago, Sony’s Hawk-Eye Innovations, a subsidiary of Sony Sports, teamed up with blockchain company NFT Tech to connect live sports data to the NFT sports market. The companies will work together to explore new ways to connect fans to sports and leagues through Web3 technologies.

Sony may not make Web3 news as frequently as some other major companies, but when it does, it’s because it’s making big moves in the space. The new Web3 incubator program is no exception. At Rarity Sniper, we’ll be following up in June to if Sony’s first Web3 “demo day” is a success.