• Sony Network Communications, a subsidiary of Sony, has made an investment in Japanese Web3 startup Startale Labs to support the development and adoption of Web3.
• The deal includes a $3.5 million investment and the appointment of Jun Watanabe, president and representative director for Sony Network Communications, as director of Startale Labs.
• Other branches of Sony have been involved in Web3 initiatives, including nonfungible tokens (NFTs).
Sony Invests in Japanese Web3 Startup
Savannah Fortis 20 hours ago Sony Network invests in Japanese Web3 startup to spur mass adoption The deal includes an investment of $3.5 million, a Sony executive moving to Startale Labs and collaboration on new Web3 tools for mass adoption. 11813 Total views 15 Total shares Listen to article 2:14 News Join us on social networks
What is the Investment For?
Sony continues to make its mark in the emerging technologies space with its recent announcement of a new investment in building a global infrastructure to support Web3. On June 28, Sony Network Communications — a subsidiary of Sony — and Japanese Web3 infrastructure tech company Startale Labs revealed a new business collaboration and a $3.5 million investment to build a foundation for the widespread adoption of Web3. The partnership will push Startale’s development of Web3 services and products, including its mission to create all-in-one solutions for Web3 development and focus on bridging real-world assets with the Web3 ecosystem.
The Benefits From This Collaboration
Sota Watanabe, the CEO of Startale Labs, told Cointelegraph that partnering with Sony allows a new Web3 startup like itself to “learn and leverage” many things. Commenting on its all-in-one solution, he said: “Developers and users need to understand blockchain tech stacks when interacting with Web3. We want to provide smooth experiences for general users and this tool will allow them to interact with the space without knowing it.” Along with the investment, the president and representative director for Sony Network Communications was appointed as director of Startale Labs.
Previous Projects Between Both Companies
Previously the two companies successfully co-hosted a Web 3 Incubation Program. Astar recently launched smart contracts supporting two virtual machines , which allowed the creation of web assembly or Ethereum Virtual Machine projects within the network .
Other Initiatives by Sony Related With NFTs
Sony Network Communications is powerful fiber optic internet service provider but other domains are related too such as nonfungible tokens (NFTs). In March 2023 ,Sony Interactive Entertainment ,the video game giant behind PlayStation brand filed patent allowing users transfer use NFTs across multiple gaming platforms . Magazine : BitCulture : Fine art on Solana , AI music streaming platform .