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Sony Demo Day: The Future of NFTs and Metaverse

Metaverse news, News

Sony, a Japanese conglomerate, is venturing into the world of Web3, NFTs, and metaverse by partnering with Astar, a Japanese smart contract platform, to support and nurture start-ups in this space through an incubator program. Startale Labs, which is a frequent collaborator of Astar, will also take part in this program. Sony Network Communications, a wholly-owned subsidiary that specializes in IT solutions and software development, is leading this initiative. Sony has invited firms from around the world to apply for financial and technical support through the incubator, with Sony willing to invest in Web3 firms at all stages of development.

The selection process started with 200 firms, but it has now narrowed down to 19 projects that will participate in a demo day scheduled for mid-June. Potential investors will have an opportunity to interact with representatives from the candidate firms and learn more about their innovative offerings. The demo day is set to take place in Tokyo and in the metaverse. Cosmize, a metaverse platform, will host the metaverse event using a space built on the Astar blockchain. Also, Snickerdoodle Labs, another candidate firm, will issue NFT tickets for the event.

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Sony has extended invitations to large firms interested in metaverse, NFTs, and Web3 investment to attend the event. The agenda includes sessions from global venture capital firms and Web3 companies, along with mentoring on business and technology strategies. Sony also promises to connect businesses with the resources of Sony Network Communications.

Sony’s exploration of blockchain-powered solutions for its pop groups’ fan base in 2020 and Japanese Prime Minister Fumio Kishida’s identification of Web3-related business, the metaverse and NFTs as key drivers of economic growth in the country align with this move.

Compiled by Coinbold

blockchain, Metaverse, NFT, sony, Web3