The program will examine "how blockchain technology can solve various problems in their industry." according to Sony Network Communications.
Astar Network and Sony Network Communications, a commercial subsidiary of The Sony Group, have partnered to develop a Web3 incubation program for initiatives that emphasize the value of non-fungible tokens (NFT) and decentralized autonomous organizations (DAO).
According to a news release, the Web3 incubation program will be administered from mid-March to mid-June of this year by Singapore's Startale Labs, a business created by Astar Network CEO Sota Watanabe. The program's application period begins on February 17 and ends on March 6.
Individuals selected into the program will be divided into 10 to 15 cohorts, with global venture capital firms including Dragonfly, Fenbushi Capital, and Alchemy Venture providing learning sessions.
According to the news announcement, the program's objective for Sony Network Communications is to investigate "how blockchain technology might solve numerous difficulties in their sector." The program's projects can potentially be taken into consideration for financing from Sony Network Communications.
The incubation program is a component of Astar Network's ongoing collaborations with businesses interested in investigating use cases for Web3 technology. One of the first parachains to join the Polkadot ecosystem, Astar Network, collaborated with Toyota on a Web3 hackathon last month.
Sony has also begun to embrace Web3 technology and will introduce the Mocopi metaverse wearable in November 2022.