Web3 News-Sony Announces Plans To Back Web3, NFT Startups-Japan Set For Metaverse Pivot

Sony has partnered on the initiative with Astar, a Japanese smart contract platform and blockchain developer, according to Japan's Bit Times.

Startale Labs, a longtime Astar collaborator, is also involved in the project.

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

The three companies first announced the program's introduction in February of this year.

The organizers invited companies from "all over the world" to apply for financial and technological assistance through the incubator.

Furthermore, the operators stated that they were willing to invest in Web3 enterprises at "all stages of development."

Initially, 200 companies were chosen for consideration on a long list.

However, the field has now been reduced to 19 projects.

These initiatives will host a "demo day" in mid-June.

Potential investors will be able to question representatives from candidate firms at the event.

Sony Is Set to Launch Web3, NFT, and Metaverse - Will Other Japanese Players Follow?

The event will take place in both the real world (most likely in Tokyo) and the metaverse.

The metaverse event will be hosted by one of the prospective firms, the metaverse platform Cosmize.

Cosmize will use an Astar blockchain-based space.

Snickerdoodle Labs, another prospective company, will sell NFT tickets for the event.

Sony has invited "large firms" interested in investing in Metaverse, NFT, and Web3 to attend the event.

In addition, the event would include "sessions from global venture capital firms and Web3 companies."

It will also give "mentoring" in the areas of "business and technology strategies."

Furthermore, Sony stated that firms will be "matched" with "the resources of Sony Network Communications."