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Sony Announces Plans to Back Web3, NFT Startups – Japan Set for Metaverse Pivot?

Sony, the Japanese corporate giant, is gearing up to channel investments into Web3, NFT, and metaverse companies through an incubation initiative.

As reported by Japan’s Bit Times, Sony is partnering with Astar, a Japan-based smart contract and blockchain developer, for this venture.

Additionally, Startale Labs, a Web3 company that regularly collaborates with Astar, will also be part of this endeavor.

Sony Network Communications, an exclusive subsidiary of Sony focused on IT solutions and software creation, is integral to this project.

The trio unveiled plans for this program earlier in February of this year.

The organizers are inviting businesses globally to seek financial and technological backing through the incubator.

They expressed readiness to invest in Web3 companies at “any development phase.”

At the outset, approximately 200 companies were shortlisted for evaluation.

However, the list has since been whittled down to just 19 ventures.

These selected projects are set to present on a “demo day” scheduled for mid-June.

During this event, prospective investors will have the opportunity to interact with and question representatives from the shortlisted firms.

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

The event is set to take place both physically (probably in Tokyo) and within the metaverse.

Cosmize, one of the participating companies and a metaverse platform, will be responsible for organizing the metaverse segment of the event, utilizing a space constructed on the Astar blockchain.

In an innovative twist, another contender, Snickerdoodle Labs, plans to distribute NFT-based tickets for the event.

Sony has extended invitations to “prominent companies” that have a keen interest in the domains of metaverse, NFT, and Web3 to be part of this occasion.

Additionally, the event will showcase sessions led by renowned global venture capital entities and prominent Web3 firms.

The event will also offer guidance on both business and technological strategies.

Furthermore, Sony revealed that participating businesses would be paired with the expertise and resources of Sony Network Communications.

Back in 2020, Sony declared its exploration of various blockchain-driven solutions tailored for the followers of some of its musical bands.

In a notable move last year, Japan’s Prime Minister, Fumio Kishida, identified Web3-centric ventures, alongside the metaverse and NFTs, as pivotal growth drivers for Japan’s economy.

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