Applications open for Sony's Web3 Incubation Program

Astar Network is a multi-chain smart contract network that serves as a parachain for Polkadot. It is also one of the first parachains to have joined the Polkadot blockchain ecosystem. Sony Network Communications, a commercial division of Sony Group, recently signed a partnership with Astar Network. Through this new agreement, the two companies will launch a Web3 incubation program for certain types of projects. Find out what it is.

An incubation program to explore the utility of blockchain technology

Sony has decided to support projects that deal with NFTs and Decentralized Autonomous Organizations (DAOs). To do this, it is launching a Web3 incubation program aimed at them. Sony Network Communications explained the group’s expectations with the new incubation program. He said the idea is to successfully explore “how blockchain technology can solve various problems in their industry“.

The press release announcing the news found that Startale Labs will ensure the organization of the program. This Singapore-based company is owned by Sota Watanabe, CEO of Astar Network. That said, Application for the program begins February 17. It will end on March 6. The incubation program will take place from mid-March to mid-June this year.

A one-of-a-kind incubation program

After reviewing the applications, those who will be selected should be divided into 10 to 15 cohorts. The incubation program will be divided into several learning sessions. To ensure these, Sony and Astar Network have called on a few international venture capital firms. These include Fenbushi Capital, Dragonfly and Alchemy Venture.

Sony could invest in the projects of the incubation program

Projects in the incubation program may benefit from financial support from Sony Network Communications. Indeed, the Sony group has consider them for a possible investment.

It must be said that Sony has been working on a project based on Web3 technology for some time. Last November, the group announced a motion-tracking metaverse device called Mocopi.

The Astar Network blockchain is working with more and more companies looking to explore Web3 use cases. The incubation program with Sony is one of its many partnerships in this direction. It should be noted that Polkadot’s parachain recently signed an agreement with the automotive giant Toyota. The partnership concerns the launch of a Web3 hackathon.

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