{"id":15419,"date":"2023-05-29T20:48:27","date_gmt":"2023-05-30T00:48:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sony-announces-plans-to-back-web3-nft-startups\/"},"modified":"2023-05-29T20:48:28","modified_gmt":"2023-05-30T00:48:28","slug":"sony-announces-plans-to-back-web3-nft-startups","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15419","title":{"rendered":"Sony Announces Plans to Back Web3, NFT Startups"},"content":{"rendered":"
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The Japanese business behemoth Sony is set to invest in Web3, NFT, and metaverse firms via an incubator program.<\/p>\n

Per Japan\u2019s Bit Times, Sony has teamed up with Astar, a Japanese smart contract platform and blockchain developer, for the initiative.<\/p>\n

The Web3 firm Startale Labs \u2013 a frequent Astar collaborator \u2013 is also taking part in the project.<\/p>\n

The project involves Sony Network Communications, a wholly owned Sony subsidiary that specializes in IT solutions and software development.<\/p>\n

The three firms first announced the launch of the program in February this year.<\/p>\n

The operators called on firms \u201caround the world\u201d to apply for financial and tech support via the incubator.<\/p>\n

And the operators said they were prepared to invest in Web3 firms at \u201call stages of development.\u201d<\/p>\n

Initially, some 200 firms were selected for consideration on a long-list.<\/p>\n

But the field has now narrowed to 19 projects.<\/p>\n

These projects will hold a \u201cdemo day\u201d in mid-June.<\/p>\n

At the event, potential investors will be able to quiz representatives from candidate firms.<\/p>\n

Sony Ready to Take Web3, NFT & Metaverse Plunge \u2013 Other Japanese Player to Follow Suit?<\/h2>\n

The event will be held both in the real world (likely in Tokyo) and in the metaverse.<\/p>\n

One of the candidate firms, the metaverse platform Cosmize, will host the metaverse event.<\/p>\n

Cosmize will use a space built on the Astar blockchain.<\/p>\n

Another candidate firm, Snickerdoodle Labs, will issue NFT tickets for the event.<\/p>\n

Sony has invited \u201clarge firms\u201d with an interest in metaverse, NFT, and Web3 investment to attend the event.<\/p>\n

The event will also feature \u201csessions from global venture capital firms and Web3 companies.\u201d<\/p>\n

It will also provide \u201cmentoring\u201d on \u201cbusiness and technology strategies.\u201d<\/p>\n

And, Sony said, it will see businesses \u201cmatched\u201d with \u201cthe resources of Sony Network Communications.\u201d<\/p>\n

In 2020, Sony announced it was testing a range of blockchain-powered solutions for the fans of some of its pop groups.<\/p>\n

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Last year, Japanese Prime Minister Fumio Kishida earmarked Web3-related business, as well as the metaverse and NFTs, as growth engines for the national economy.<\/p>\n<\/p><\/div>\n