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

The Japanese business behemoth Sony is set to invest in Web3, NFT, and metaverse firms via an incubator program.

Per Japan’s Bit Times, Sony has teamed up with Astar, a Japanese smart contract platform and blockchain developer, for the initiative.

The Web3 firm Startale Labs – a frequent Astar collaborator – is also taking part in the project.

The project involves Sony Network Communications, a wholly owned Sony subsidiary that specializes in IT solutions and software development.

The three firms first announced the launch of the program in February this year.

The operators called on firms “around the world” to apply for financial and tech support via the incubator.

And the operators said they were prepared to invest in Web3 firms at “all stages of development.”

Initially, some 200 firms were selected for consideration on a long-list.

But the field has now narrowed to 19 projects.

These projects will hold a “demo day” in mid-June.

At the event, potential investors will be able to quiz representatives from candidate firms.

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

The event will be held both in the real world (likely in Tokyo) and in the metaverse.

One of the candidate firms, the metaverse platform Cosmize, will host the metaverse event.

Cosmize will use a space built on the Astar blockchain.

Another candidate firm, Snickerdoodle Labs, will issue NFT tickets for the event.

Sony has invited “large firms” with an interest in metaverse, NFT, and Web3 investment to attend the event.

The event will also feature “sessions from global venture capital firms and Web3 companies.”

It will also provide “mentoring” on “business and technology strategies.”

And, Sony said, it will see businesses “matched” with “the resources of Sony Network Communications.”

In 2020, Sony announced it was testing a range of blockchain-powered solutions for the fans of some of its pop groups.

They release these numbers right after Sony acquisition rumors, CDPR is like nah we good 😂 pic.twitter.com/leqdEmpfJM

— JayRock (@JAAY_ROCK_) May 29, 2023

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.