Sony Network Communications, a business division of The Sony Group, has teamed up with multi-chain smart contract network Astar Network to launch a Web3 incubation program for projects that focus on the utility of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).
According to a press release, the Web3 incubation program will be organized by Singapore-based Startale Labs, a company founded by Astar Network CEO Sota Watanabe, and will run from mid-March to mid-June of this year. Applications for the program open on February 17 and close on March 6.
Those accepted into the program will be split into 10 to 15 cohorts, and learning sessions will be provided by global venture capital firms such as Dragonfly, Fenbushi Capital and Alchemy Venture.
The goal of the program for Sony Network Communications is to explore "how blockchain technology can solve various problems in their industry," the press release adds. Projects in the program may also be considered for investment from Sony Network Communications.
The incubation program is part of Astar Network's continued partnerships with companies looking to explore use cases for Web3 technology. Last month, Astar Network – one of the first parachains to come to the Polkadot ecosystem – teamed up with automotive giant Toyota on a Web3 hackathon.
More broadly, Sony has also started to embrace Web3 technology, announcing a motion-tracking metaverse wearable called Mocopi in November 2022.