Sony Entertainment Launches a Web3-Focused Incubator Program

Japanese tech giant Sony partners with blockchain developer Astar and web3 infrastructure developer Startale Labs to launch a new web3-focused incubator program. The program will be led by Sony Network Communications, the organization’s subsidiary that specializes in software development. Metaverse platform Cosmize will be the incubator.

To launch the project, Sony invited 200 international startups to apply for the program. Out of these, they selected 19 companies to move forward. All the firms are in the stages of development and Sony will reportedly invest in each.

On June 18, startups will take part in a “demo day” that will take place in Tokyo and the metaverse. The companies will have the possibility to present their innovative projects and engage investors. The virtual version of the event will take place in a metaverse space built by one of the incubator’s participants. Snickerdoodle Labs, another participating startup, will issue NFT tickets for the event.

The conference will include mentoring sessions on tech and business strategies. In addition, participants will have a chance to connect with venture capital firms and get support from Sony Network Communications.

Published: 1 June 2023, 7:00 am Updated: 01 Jun 2023, 5:35 am

Sony’s new incubator program could be a significant leap toward immersive experiences. Notably, this is not the company’s first step into web3. In April 2022, the tech giant partnered with LEGO’s parent company KIRKBI to invest $2 billion in Epic Games, a video game powerhouse most known as the creator of Fortnite. The investment is aimed at the development of a “family-friendly” metaverse for kids.

In September 2022, Sony Music Entertainment filed NFT and metaverse-related trademarks for the Columbia Records logo. Then, in March this year, Sony Interactive Entertainment Inc. registered a patent called “NFT Framework For Transferring And Using Digital Assets Between Game Platforms.” So, the company might soon implement transferrable non-fungible tokens to its games and PlayStation.

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