Sony Network Communication Partnering with Astar Network to Launch a Web3 Project
Sony Group affiliate company Sony Network Communication will collaborate with Astar Network to launch a Web3 incubation project. The desire to attain the Web3 project objectives has inspired Sony and Astar Network to invest their human and financial resources to fast-track the launching of the program.
The team behind the Web3 incubation project anticipates running the program from March to mid-June. The proposed Web3 project would integrate decentralized autonomous organization (DAO) and non-fungible tokens NFTs technologies.
Objectives of the Web3 Incubation Project
The uncertainty in the digital market necessitated Sony Group to invest in blockchain technology in pursuit of an innovative solution to improve the company’s performance. In 2022, the tech giant expanded to Singapore, establishing Sony Network, which was tasked to offer Web3-related services.
Sony Network agreed to join efforts with Singapore-based crypto firm Astar Network to develop Web3 incubation projects.
A report issued on February 17 revealed that the newly launched Web3 project has started to accept applications from developers and companies operating in the digital space across the globe. Sony and Astar confirmed to go through all the applications and group them into 10 to 15 cohorts.
Benefits of the Web3 Project
The Web3 projects would provide educational sessions encouraging knowledge sharing with Web3, blockchain, and crypto technologies experts.
In the meantime, the team has agreed to engage leading venture capital firms, including Dragonfly and Fenbushi. Also, the project would be facilitated by international blockchain startups, including Alchemy and Web3 Foundation.
Sony and Astar intend to provide free learning resources, including training on business and technological developments. The project will offer financial assistance through grant programs to support the launching of Web3 startups. According to the February 17 statement, the selected companies would be provided technical assistance from global Web3 companies.
Sony Network assured companies with viable Web3 projects will be considered by the tech firm for investment. Sony revealed plans to hold a Demo day during the upcoming Blockchain event in Tokyo, Japan, in June. Astar Network has confirmed to attend the Blockchain event to support Sony in product development.
Previously, Astar had partnered with NTT Docomo and leading car manufacturer Toyota to explore the blockchain ecosystem.
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